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《大行報告》高盛:比亞迪(01211.HK)第三季淨利潤勝預期 評級「買入」
高盛發表研究報告指出,比亞迪(01211.HK)發盈喜,預期第三季純利介乎95億至116億元人民幣,以中位數計較該行預期高出50%,意味着單位盈利達1.28萬元人民幣創新高。該行重申對比亞迪的「買入」評級,目標價321元。 該行相信,比亞迪盈利強勁主要受惠於季內交付量增長、 品牌高端化、出口量增加及電池成本下降。公司於第三季新能源車銷量82.4萬輛,按年增長53%,按季亦升17%,其於內地新能源車的市佔率由去年同期的29%,擴大至今年第三季的35%。比亞迪於第三季共出口7.1萬輛新能源車,按年增長3.23倍,按季亦增長1倍。監於海外汽車售價較高,貢獻毛利更高。 此外,該行提及比亞迪於8及9月份交付騰勢N7及N8,售價各爲30.18萬與31.98萬元人民幣,較第二季混合動力車平均售價13.68萬元人民幣,高出1.21及1.34倍。而電池原材料成本的下降亦有助比亞迪抵銷價格競爭的不利影響。
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