研報掘金丨第一上海:予比亞迪股份“買入”評級,目標價486.4港元
第一上海研報指出,隨着天神之眼在各個車型中陸續搭載,比亞迪股份(1211.HK)補上了公司的短板,也將帶動全行業智駕滲透率快速提高,整體智駕硬件和軟件成本也將逐步降低,並且25年將是公司純電車型的大年,新一代純電平臺及相關技術將發佈,伴隨公司車型的高端化及海外銷量佔比增加預計將持續增厚單車淨利潤。預計2024-26年公司綜合淨利潤爲400.3/536.7/653.8億元人民幣。分佈式估值,給予公司25年汽車業務25倍PE 及電子業務20倍PE,綜合估值13086億港元,調整公司2025年目標價至486.4港元,較目前價格有32.3%上漲空間,“買入”評級。
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