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《大行報告》瑞信上調比亞迪(01211.HK)目標價至400元 評級「跑贏大市」
阿思達克 08-30 10:18
瑞信發表研究報告指出,比亞迪(01211.HK)上半年純利按年增長206%至36億元人民幣,達公司盈利預測上限,亦好過該行預期,增長主要受汽車業務按年升160%推動銷量增長,以及財務費用的顯著變化所推動。至於公司次季純利按季增長245%至28億元人民幣,銷量按季升22%,毛利亦按季擴張2.1個百分點,毛利改善是由於比亞迪於3月份上調汽車售價,加上產品組合改善,提高高端產品「漢」的銷量佔比。 該行指出,基於比亞迪訂單積壓超過80萬輛,預期公司8月份銷售約17萬輛車創新高,按年增長約150%。鑑於比亞迪騰勢D9預售逾4萬輛,當中超過1萬輛為不可取消的訂單,因此該行預期公司第三季銷售高達48萬輛,推動季度盈利達至50億元人民幣的歷史新高。 此外,瑞信考慮到公司毛利及訂單積壓均勝預期,對其2022至2024財年純利預測上調17.9%至40.1%,H股目標價由380元上調至400元,維持「跑贏大市」評級。
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