研報掘金|招商證券:維持比亞迪“增持”評級 國內外業務增長均具備較高確定性
招商證券發表報吿指,比亞迪第三季淨利潤116.1億元,按年升11.5%,略高於市場預期3%。維持“增持”評級與目標價360港元。公司受惠以舊換新政策及新能源汽車下鄉政策,國內外業務增長均具備較高確定性,是行業首推股之一。報吿指,比亞迪第三季DM5.0車型共售約41.4萬台,佔比36.7%,DM5.0平台相對低價的榮耀版定價更高,且集成度更強進而具有成本優勢,有利於提升整體利潤率。該行預計第四季和明年公司新平台車型覆蓋率上升,汽車毛利率有望維持穩健。出海方面,比亞迪首三季出口累計增長102%至29.4萬輛。該行預計明年出口加本地化進程雙輪驅動下強勁增長,中長期樂觀。
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