《大行報告》美銀證券:比亞迪(01211.HK)季績預告略遜
美銀證券發表報告指出,比亞迪(01211.HK)發盈喜,預期去年純利按年增長74%至86%,至290億至310億元人民幣。剔除一次性項目,去年純利按年增長75%至90%,至274億至297億元人民幣。意味著上季純利達76億至96億元人民幣,按年升4%至32%,按季跌7%至27%,略低於該行預期99億元人民幣水平,主要或由於上季價格折扣更多,以及經銷商回饋更多所致。剔除一次性項目,上季盈利按年增長11%至42%。
該行提及,比亞迪上季銷量達94.5萬輛,按年增長38%,按季升15%。考慮到比亞迪持股65%的比亞迪電子(00285.HK)的盈喜,該行料比亞迪上季每輛車淨利潤為7,500至9,400元人民幣。
此外,該行維持對比亞迪的「買入」評級,目標價300元,看好其新的DMi技術將有助插電混合動力車型(PHEV)銷量恢復增長勢頭,以及有利其海外業務盈利能力。
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