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《大行報告》花旗:比亞迪(01211.HK)上季初步核心純利低市場預期 因減價競爭及年底對經銷商額外激勵費用
花旗發表報告指,比亞迪(01211.HK)公布去年全年初步純利介乎290億至310億元人民幣,按年升75%至86%,符合該行及市場預期。扣除比亞迪電子(00285.HK)的貢獻及其他一次性項目,去年第四季初步核心純利按季跌11%至85億元人民幣,低於市場預期的按季持平,相信是因為年底代理商為全年業績衝刺,造成額外成本;高端產品銷售組合改善的進度慢過預期;以及大眾市場減價競爭。 該行預測比亞迪現季度批發層面銷售按年升1%至約56萬輛,基於每車出口純利2.45萬元人民幣或純利率10%,高端車每車純利4.6萬元人民幣或純利率11.5%,以及大眾市場產品每輛虧損4,700元人民幣及負純利率3.1%,季度每車純利預測維持7,500元人民幣。 該行預測比亞迪首季新能源車純利按年升33%至42億元人民幣,按季顯著下滑,主要基於季節性因素及產品轉型。該行目前給予比亞迪的投資評級為「買入」,目標價463元。
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