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《大行報告》瑞信:比亞迪(01211.HK)因電池成本及補貼降令毛利率承壓 管理層採三方法應對
阿思達克 01-19 15:16
瑞信發表報告表示,引述比亞迪(01211.HK)管理層指2022年銷量目標為150萬輛,包括純電動車銷量目標60萬輛、插電式混合動力車銷量目標90萬輛,冀取得內地新能源車市場份額20%至30%。 該行指,下調對比亞迪去年每股盈利預測5.3%,並上調對其2022年至2023年每股盈利預測各6.2%及3.2%,重申其「跑贏大市」評級及目標價380元。 瑞信表示基於電池原材料價格上漲及內地政府補貼(純電動車補貼5,400元人民幣,插電混動車補貼2,040元人民幣)下降令利潤率受壓,比亞迪管理層指會利用三個方法應付,第一是推出定價較高的新產品、第二是減少代理商現金回扣、第三是通過規模經濟在運營水平上降低單位固定成本。 汽車業務毛利率方面,公司予電動汽車業務今年上半年毛利率指引約為22%,予插電式混合動力車業務於今年上半年毛利率指引16%。
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