《大行報告》中金重新覆蓋比亞迪(01211.HK)予「跑贏行業」評級 看266元
中金發表報告,重新覆蓋比亞迪(01211.HK),給予「跑贏行業」評級,目標價266元,相當於2024年預測市盈率17倍,考慮到公司涉及產品升級、智能汽車及海外擴張三大轉型機會,看好公司增長潛力。
該行指出,比亞迪為內地領先的新能源車企,銷售增長迅速,盈利增長強勁。此外,公司憑藉業界領先的電動化能力,擁有強大的產品周期,估計公司在技術優勢、規模經濟、強大的品牌力及插電混合動力車型(PHEV)市場的結構性機遇,將可在新能源車市場保持領先地位。
海外市場方面,該行預期比亞迪將複製現有電動車業務的優勢,帶動海外銷售中期增至100萬輛。另在規模經濟、品牌升級和海外擴張下,估計公司每輛車收入和利潤將進一步增長。
此外,該行認為市場低估比亞迪在電動車時代領先地位的可持續性、高端子品牌的盈利貢獻、海外業務的長期增長潛力等,對公司2023至2025年每股盈利預測分別為10.4、13.5及17元人民幣,年均複合增長率為28%。
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