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《大行報告》瑞信:比亞迪(01211.HK)首月銷量勝預期 估或可向Tesla歐廠房提供電池
阿思達克 02-04 14:32
瑞信發表研究報告指,比亞迪(01211.HK)今年1月份銷量按年增長125%至9.54萬輛,高於該行預期的約8.5至9.5萬輛,但按月比較下跌4%,主要由於適逢農曆新年,銷售日子較上月少。 該行表示,比亞迪混合動力汽車銷量期內創新高,清、宋及唐系列銷量分別按月上升7%、9%及3%,預期西安廠房生產已恢復正常;另外「海豚」純電動轎車銷量亦按月增長6%,亦創新高。 比亞迪日前宣布自2月1日起全面上調售價,升幅介乎每輛1,000至7,000元人民幣,預期將抵銷政府削減補貼及電池原材料成本上漲帶來的負面影響。管理層預期今年電池產量為90至100GwH,認為比亞迪有可能會供應予特斯拉(TSLA.US)歐洲工廠。 考慮到政府補貼下降帶來的利潤率壓力,以及電池原材料價格上漲,預期比亞迪將透過調整價格、減少經銷商補貼等降低成本。瑞信維持目標價為380元,相當於2022年預測市盈率約158倍,評級「跑贏大市」,看好其長期發展前景。
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