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《大行報告》瑞銀升比亞迪(01211.HK)評級至「買入」 目標價上調至320元
阿思達克 01-10 10:00
瑞銀發表報告指,比亞迪(01211.HK)在第四季以每月9萬輛電動車銷量,打消了該行對其競爭加劇和市場份額下降的擔憂,預計強勁的銷量將在今年持續下去。比亞迪在大眾市場電動車領域長期建立的品牌效應可以幫助捍衛其大約20%的市場份額,而其e平台3.0和海洋系列可以成為今年的進一步增長動力。隨著持續的產能擴張和外部認證,其刀片電池也可能達到大規模對外銷售轉捩點。瑞銀將比亞迪評級由「賣出」升至「買入」,目標價更由144元大升至320元。 瑞銀指,雖然比亞迪是中國第二大電動車電池製造商,但仍未實現大規模的對外銷售。然而該行料其刀片電池可能將會很快改變這一狀況,原因包括磷酸鐵鋰(LFP)刀片電池具成本優勢、無鈷化學成分、安全性能和循環壽命,令全球汽車製造商對LFP電池的認可度越來越高;由於CTP(Cell To Pack)電池包技術集成,電池組能量密度高達140Wh/kg,與許多NCM (鎳鈷錳)電池解決方案接近;進一步擴大產能和汽車製造商認證;以及電動汽車電池供應持續緊張。因此該行預計,比亞迪今年將有20%的外部銷售,之後將會再增加。
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