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大和:予比亞迪股份(1211.HK)“買入”評級 目標價43.25港元
格隆匯 04-24 12:06

大和發表報告稱,國家財政部聯合工信部等四部門宣佈,延長今年到期的新能源汽車官方補貼政策,今年至2022年補貼金額將逐年減少10%、20%及30%,預計政策利好新能源車行業。

該行表示,第二次政策調整針對新能源汽車整車能耗、純電動乘用車純電續駛里程門檻標準略有提高,但其他技術要求基本沒有調整,認為在庫存減少的過渡期內可輕微推動銷售。

除可換電車款外,新能源乘用車補貼前售價30萬元以上的未能享受新能源汽車補貼。該行認為,補貼上限對北京奔馳EQC和寶馬iX3等將推出的豪華車型不利。該行還稱,現時中國製Tesla Model 3的價格為32.38萬元人民幣或以上,這可能會促使Tesla加快零部件本地化及降低生產成本。

該行認為政策對市場有正面積極作用,預計地方政府將進一步宣佈新能源汽車補貼以刺激銷售。在汽車股中,該行看好比亞迪股份(1211.HK),予“買入”評級及目標價43.25港元,預計比亞迪將同時受惠於中央及潛在地方補貼,在汽車需求回升下,其下半年盈利有望強勁增長。

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