摩通:上調比亞迪(1211.HK)評級至“增持” 目標價升至66港元
摩通發表研究報告,上調比亞迪(1211.HK)目標價83.3%,由36港元調高至66港元,評級由“減持”升至“增持”。
該行表示,比亞迪股價的變動及潛在推動因素,令其更像一隻科技股或電池股,而不是汽車製造商。尤其是隨着該集團開始滲透全球代工生產商,並將其電池售予給代工生產商。目前其客户包括戴姆勒(Daimler)與比亞迪的合資企業騰勢(Denza)、長安及福特的合資企業,而明年將新增豐田汽車(Toyota)和一個歐洲的主流品牌。
目前,比亞迪外部電池業務的收入貢獻少,該行預計今年該業務的收入貢獻為6%,但預計2022年將達到10至15%。該行認為,電池行業將走向高度集中,而在內地供應商中,最終只有龍頭廠商才能在科技及產能方面與全球代工生產商扯上關係,其中就包括寧德時代、比亞迪及國軒高科。
摩通又認為,外國企業在內地的影響力不斷提高,將協助淘汰中國小型的企業,最終龍頭企業主導電池市場。
該行上調比亞迪2020至2022年的盈利預期2至15%,主要反映外部電池銷售的增長。

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