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《大行報告》大摩上調比亞迪(01211.HK)目標價至32元 評級「減持」
阿思達克 02-28 10:15
摩根士丹利發表研究報告,指比亞迪(01211.HK)因應Tesla或使用無鈷電池後,A/H股價自2月18日已跑贏大市,並達至該行最樂觀的預期數字估值,因假設磷酸鐵鋰電池(LFP)在中國應用將顯著上升,由2019年的5%升至2021年的20%,比亞迪在2021年後的市佔率有望達50%以上。雖然公司是較早使用LFP,因此有先導優勢,但實際表現數字未必達標,故維持「減持」評級,目標價由28元升至32元。該行解釋,雖然近期市場廣泛關注LFP的應用,但在新型肺炎疫情下,電動車生產商難在短期內更改其設計,及須面對大量採購延遲問題,而外國車廠亦需時適應僅適用於中國的LFP。該行又指,電動車此前的利好消息是歐洲提升對電動車的資助,及減廢的標準,但這令比亞迪更難在歐洲推動LFP,因當地有部份公司已同意使用三元鋰電池(NCM)。
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