《大行報告》大摩:比亞迪(01211.HK)首季業績平淡無奇 但在嚴峻行業背景下營運強韌仍值得稱讚
摩根士丹利發表報告指,比亞迪(01211.HK)首季淨利潤按年升1.74至3倍,至介乎6.5億至9.5億元人民幣,按季盈利增長則為8%至58%。報告引述公司指,首季業績受惠電動車銷售創紀錄,規模效應緩減成本通脹及手機部件與組裝業務呆滯。
報告認為,考慮到公司首季減值損失按季顯著減少,按經營業務衡量的按季盈利增長將少於表面數。該行指,投資者對比亞迪首季業績預期,已因電池及原材料成本急升、失血的非電動車業務及西安、深圳與惠州廠房受防疫封鎖影響而有所下調,市場或仍對比亞迪首季業績展現的經營韌性給予認可,並認為短期不利因素部分地被移除。
大摩目前給予比亞迪H股「與大市同步」投資評級,目標價256元。
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