《大行報告》匯豐研究上調比亞迪(01211.HK)目標價至455元 評級「買入」
匯豐環球研究發表報告指,比亞迪(01211.HK)第三季盈利按年倒退28%至12.7億元人民幣,低於該行預期,主要受累於電池原材料價格上升影響毛利率表現。其新能源汽車銷量於10月創新高,該行料明年仍將推出多個新車款以推動銷量,相信高銷量帶動規模經濟的效果可自2022年後開始。
基於以上預測,該行上調比亞迪2021年至2023年收入預測3%至11%,主要受惠於新能源汽車的強勁銷售前景。但考慮電池原材料價格上升,匯豐下調其毛利率預測,惟料電池原材料價格將自明年起有所回調。該行料比亞迪毛利率隨著時間過去而改善,受惠規模經濟效益及潛在產品組合改善。因此,該行降其今年盈測8%,惟上調明後兩年盈測11%及15%。H股目標價自382元上調至455元,維持「買入」評級。
該行對比亞迪2021年至2023年盈測較市場均值高出5%,因在強勁產品周期下對其明年新能源汽車銷量展望有更建設性看法。
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