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《大行報告》大和下調比亞迪(01211.HK)目標價至350元 評級「買入」
阿思達克 03-31 15:47
大和發表研究報告指,比亞迪(01211.HK)手頭訂單強勁,加上市場對DM-i及Ocean系列車型的需求強勁,預期公司將實現全年150萬輛的新能源汽車銷量目標。雖然2022年利潤率可能受壓,但預計新能源汽車銷量持續強勁,將提振投資者情緒,重申對比亞迪「買入」評級。 大和指,強勁需求下即使建議售價有所上調,亦未見比亞迪的訂單出現放緩,管理層更表明若供應鏈不存在約束問題的情況下,可實現200萬輛銷量。 該行指,比亞迪計劃在10月推出高端新能源汽車品牌,預期將引入智能汽車技術或電池新技術,為高端品牌發展提供動力,相信可成為股價催化劑。 大和將2022至2023年汽車銷量上調50%至72%,至150萬至210萬輛,但由於成本壓力,將比亞迪今明兩年EBIT利潤率從3.4%至4.7%下調至2.1%至3%,每股盈利預測削減30%至47%,目標價從435元下調至350元。
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