《大行報告》麥格理上調比亞迪(01211.HK)目標價至326元 評級「跑贏大市」
麥格理發表報告指,比亞迪(01211.HK)2022財年預估高過市場預期,但低過該行預測,可能是由於上季的資產減值損失增加。維持「跑贏大市」評級,目標價由295元升至326元。
麥格理相信,比亞迪將繼續加強產品組合,利用其分銷渠道,並在2023財年行業減速的情況下採取靈活的定價策略。該行預計比亞迪今年將實現280萬架汽車銷售量,意味按年增長53%,而行業增速為30%,並指比亞迪可能會有350萬至400萬架的更樂觀目標。
報告指,毛利率是比亞迪2023財年的主要下行風險。因為電池成本上升,亦沒有了補貼。不過,該行模型顯示,毛利率跌幅可能會比市場所擔心的小,料將從去第三季的高位下降2至3個百分點。
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