大摩:比亞迪(1211.HK)首季電動車業務具亮點,予目標價256港元
格隆匯4月19日丨大摩發研報指,比亞迪股份(1211.HK)預期今年第一季淨利潤按年增長174-300%至6.5億至9.5億元人民幣,公司指增長來自首季電動車銷量創記錄所帶來的利潤,規模效益有助於緩解成本上升,該行指電動車業務為其亮點,予H股目標價256港元及“與大市同步”評級。
該行表示,首季業績可能不如預期,在嚴峻的行業背景下,其營運的韌性仍值得信賴,考慮到今年首季的減值損失或較去年第四季度小得多,但指營運方面的連續利潤增長或不如總收入顯著,然而,鑑於比亞迪部分生產工廠停工及電池或材料成本上漲等,投資者對首季預期顯著降低,市場可能仍然欣賞公司在的營運韌性。

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