《大行報告》高盛下調比亞迪(01211.HK)目標價至321元 評級「買入」
高盛發表報告指,比亞迪(01211.HK)第二季度純利68.24億元人民幣,符合公司早前指引的63.7億至75.7億元人民幣;毛利率18.7%,按年升4.3個百分點、按季升0.9個百分點;EBIT利潤率4.7%,按年升1.1個百分點、按季升0.6個百分點,反映成本控制持續有成效。
管理層指,7月新能源車滲透率達36%,預期每月提升1個百分點,至12月份提升至40%,估計今年在銷售額及交付量方面,中國新能源車將會取得全球三分之二的市場份額。
管理層亦預期未來三至五年,價格競爭將會持續,有助市場整合,而原材料成本下跌、採購能力提升、生產規模效益等因素,有助提升公司的盈利能力。
高盛因應第二季毛利率提升,將今年盈利預測上調9%;但由於配合公司產能擴充而提高資本開支預測,下調2024至25年盈測4%,目標價由337元下調至321元,維持「買入」評級。
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