《大行報告》匯豐研究下調比亞迪(01211.HK)目標價至332元 評級「買入」
匯豐環球研究發表報告指,比亞迪(01211.HK)H股股價今年以來已累跌約18%,該行認為市場對電動車市場增長疲軟過度憂慮,因為比亞迪強勁的產品周期應該產生更高的銷量,維持「買入」評級,但將目標價由452元下調至332元。
匯豐研究指,比亞迪今年2月份的銷量強勁,達到9.1萬輛,按年增長335%。自2月1日起,比亞迪的新能源車車型加價1,000元至7,000元人民幣,即0.6%至8%。該行認為將有助比亞迪轉嫁部分成本壓力,並支持今明兩年有更好的盈利能力。目前比亞迪的產品周期依然強勁,今明兩年將有5至10款新車型推出,應能支持銷量擴張。
匯豐研究指,由於比亞迪產品組合差過預期,將2021年的淨利潤預測降低9%,但由於更好的銷量指引和推出新產品,將比亞迪2022年和2023年的盈利預測分別提高2%和7%。
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