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瑞信:下调比亚迪(1211.HK)目标价至60港元 第四季指引远低亿于市场预期
格隆汇 10-30 11:18

瑞信发表的研究报告指,比亚迪(01211.HK)第三季业绩符合其盈利指引,纯利1.2亿元人民币(下同),按年及按季分别跌89%及83%,期内盈利倒退主要受毛利率下跌影响,期内毛利率按年及按季分别收窄2.9及1.6个百分点,主因内地新能源车补贴减少。

该行指出,由于比亚迪持有比亚迪电子(00285.HK)66%权益,而比亚迪电子第三季盈利按季增长137%至4.49亿元,意味非比亚迪电子业务於第三季录1.76亿元的亏损(次季及上年同期则录盈利5.8亿及6.02亿元人民币)。展望将来,比亚迪预期盈利弱势持续,并料第四季净利将介乎1,000万元至2亿元,意味按年下跌84-99%,差过市场预期,另外公司亦指引全年新能源车销售增长将为10%左右,意味第四季新能源车销量将按年跌三成至7.2万台。

瑞信指出,公司的全年盈利指引仅达市场预期的66%,相信市场预期亦将有所下调,该行将其2019-2021年盈利预测下调25-32%,目标价由65港元降至60港元,维持“中性”评级。

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