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大行評級|交銀國際:上調比亞迪目標價至379.22港元 預計第四季銷量介乎130萬至150萬輛
格隆匯 11-04 10:57

交銀國際發表研報指,比亞迪第三季純利按年增長11.5%至116億元,按季比較增長28.1%,收入則按年及按季分別增長24%及14.2 %,毛利率達到21.9%,均超出預期。當中受惠於碳酸鋰價格下跌,規模效應和DMI5.0車型開始放量等多重因素,汽車毛利率按季明顯改善,同樣超出市場預期。

憧憬第四季為旺季,該行預測加上DMI5.0車型的持續推動,第四季比亞迪汽車銷量料提升至介乎130萬至150萬輛,對比第三季為113萬輛,規模效應下毛利或進一步改善,另外隨着海外工廠陸續開始投產,海外市場銷量有望上升。

因應銷量預期上升,交銀將比亞迪2024至2026年盈利預測上調14%、19.4%及23.3%,H股目標價由306.48港元上調至379.22港元,維持“買入”評級。

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