比亞迪(01211.HK)倒跌近6%創52周低中績多賺2倍但料本季純利急降遭野村削價至39.2元
比亞迪(01211.HK)中績多賺2倍,但料第三季純利急降,野村重申比亞迪H股「減持」評級兼降價至39.2元。該股今早輕微高開見43.4元已行人止步,掉頭跌破52周低位41.5元,最多倒跌7.2%低見40.1元,現造40.7元,倒跌5.8%,成交倍增至877萬股,涉資3.59億元;其A股跌2.7%低見49.67元人民幣。
比亞迪昨天收市後公布,截至6月止中期純利按年急增2倍至14.55億元人民幣(下同),每股盈利49分,維持不派中期息。期內,營收按年升14%至592.15億元;毛利按年升35.6%至91.81億元,毛利率由13.04%升至15.5%,主要受惠新能源汽車利潤上升帶動。
公司預計,今年首九個月純利介乎15.55-17.55億元,僅增1.8%-14.9%;第三季度,預計公司新能源汽車銷售有所放緩,業務整體盈利有較大降幅。此外,市場需求下滑及激烈競爭,繼續給手機部件及組裝業務盈利能力增長帶來較大壓力,雖然料光伏業務收入有所復甦,但仍會呈一定虧損。
野村指,比亞迪第二季業績符預期,但管理層第三季預測疲弱,故其將公司今明兩年收入預測下調20%,以及略降低毛利率預測0.8個百分點,並重申H股「減持」評級及目標價下調13%至39.2元。
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