《大行報告》中銀國際削比亞迪(01211.HK)目標價至245元 上季淨利潤略低預期
中銀國際發表研報指,比亞迪(01211.HK)發表業績預告,初步預期去年第四季度淨利潤介乎76億至96億元人民幣,略低於該行此前預期,相信是由於整車利潤率走低以及比亞迪電子(00285.HK)盈利表現不理想所致。
該行預計,由於期內比亞迪有為終端客戶及經銷商提供較大支持,撇除比亞迪電子外的每輛汽車核心利潤可能從第三季度的約1.1萬元人民幣,下降至約8,500元人民幣,短期內可能要面對國內汽車市場價格競爭加劇,以及新車型推出前的去庫存壓力。
惟中銀國際毛好比亞迪今年在品牌升級及海外市場擴張方面的舉措,預期有助緩解國內市場價格競爭所帶來的產品平均售價及利潤率壓力,認為其估值有機會在今年首季後回升,維持「買入」評級,H股目標價由325元削至245元,對應預測2024年市盈率20倍。
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