《大行报告》富瑞下调比亚迪(01211.HK)目标价至295.1元 评级「买入」
富瑞发表研究报告指,在新能源汽车销售强劲带动下,比亚迪(01211.HK)去年第四季收入符合预期,纯利则按年及按季下跌27%及53%,逊于预期,相信是由于原材料及IGBT价格上涨导致利润率受压,以及太阳能产组的减值所致。
该行指出,比亚迪利润率疲弱表现可能会在今年上半年延续,但考虑到累积订单有40 万辆,对全年销量目标及利润前景充满信心,指出一旦上游价格下半年回复正常,比亚迪利润率亦将会恢复,重申「买入」评级。
鉴于强劲的新能源汽车销售,富瑞将今明两年收入预测上调至3,597亿及4,854亿元人民币,但将净利润预测下调29%及20%,以反映毛利率压力,目标价由313.1元下调至295.1元。
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