大和:比亞迪(1211.HK)來年推出新車型 料可刺激電動車增長
大和總研發表研究報告預期,比亞迪(1211.HK)最新的雙電機結構(DMI)系統插電式混動(PHEV)型號會在明年推出,料將成為比亞迪新能源汽車增長的推動力。該行又指,地方政府對新能源汽車的津貼能促進今年的銷售。該行重申其“買入”投資評級,目標價維持50港元。
大和表示,比亞迪DMI PHEV型號的定價及表現具吸引力,可從內燃引擎汽車(ICE)中獲得更多市場份額,並能在2021-22年帶動比亞迪新能源汽車的增長。而比亞迪旗艦房車“漢”,管理層料能在今年6月底以磷酸鐵鋰刀片電池推出,預期每月銷售目標為3000輛,但該行認為定價太進取,料每月銷售只有2000輛。
另外,比亞迪預期受惠新能源汽車政策,其銷售將按年持平,但大和認為,受市場疲弱拖累,今年的新能源汽車銷售或按年下跌10%,但期望市場情緒能受政策刺激。
基於新冠肺炎疫情使銷售疲弱,該行下調比亞迪2020年每股盈利22%,但2021年受惠DMI PHEV型號推出,料新能源汽車銷售可增加13%,上調2021年每股盈利預測13%。

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