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《大行報告》中信證券上調比亞迪(01211.HK)盈測 業績超預期毛利率水平亮眼
中信證券發表報告指,比亞迪(01211.HK)業績超出預期,毛利率水平亮眼。第三季度面對行業競爭,仍然實現每輛汽車扣非淨利潤約1.05萬元人民幣,盈利水平維持強勁,超出市場預期。展望明年,隨着公司豹5、宋L、驅逐艦07、仰望U8等高價車型開始交付,以及更多車型走向海外,每輛汽車盈利有望繼續提升。 因應公司第三季度盈利超出預期,該行將比亞迪今年至2025年三年期間,歸母淨利潤預測分別上調至311億、413億及511億元人民幣,高於原先預測的262億、353億及446億元人民幣。公司作爲新能源汽車龍頭,銷量及盈利能力的確定性強,成本控制能力優秀,具備品牌高端化和全球化兩大看點,擁有中長期投資價值,因此持續推薦,維持A股及H股「買入」評級。
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