《大行報告》中金升比亞迪(01211.HK)目標價至86元 指新能源車估值未完全體現
中金近日發表研究報告指,截至今年7月8日,比亞迪(01211.HK)暫站上中國車企市值第一的位置,是資本市場對其背後一條完整新能源產業鏈的估值重構,但該行認為比亞迪作為新能源整車部分的估值還尚未完全體現。
該行指,比亞迪今年以來的股價上漲可以分成三個階段,第一階段是刀片電池拓展鐵鋰適用車型,比亞迪重回熟悉賽場。自從1月11日電動汽車百人會上比亞迪首次提及刀片電池,電池格局預期反轉帶動比亞迪開啟了第一階段的上升通道。
第二階段是車載半導體完成重組。中金認為比亞迪自主IGBT有望實現外資替代。自4月15日公司宣布比亞迪半導體擬引入戰投,至5月26日公司宣布引入戰略投資者,此為股價的橫盤調整階段。第三階段是寄托於「漢」實現品牌向上,目前訂單較為飽滿。市場普遍看好「漢」的造型和背後的技術實力,自「漢」發布來不斷增加的訂單數成為了股價上行的催化劑。
中金表示,目前按照對比亞迪的分部估值,傳統汽車及雲軌給予估值為零,新能源整車788億人民幣,比亞迪半導體400億人民幣,比亞迪電子(00285.HK)312億人民幣,電池1,090億人民幣。其中2020年新能源整車估值僅60萬人民幣/輛的EV/銷量,相較於目前的特斯拉400萬元/輛和蔚來汽車360萬元/輛,仍有向上空間。
該行表示,上調對比亞迪H股目標價23%至86港元,維持H股「跑贏行業」評級不變。
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