星展:上調比亞迪(1211.HK)目標價63%至98港元 評級“買入”
星展發表研究報告將比亞迪(1211.HK)今年及明年的盈利預測分別調高50%及26%,以反映較高的利潤率預期和來自比亞迪電子(0285.HK)的盈利貢獻增加。星展決定上調比亞迪H股目標價63%至98港元,評級為“買入”,而A股目標價亦升41%至90元人民幣,評級為“持有”。
星展指出,受新冠肺炎疫情影響,比亞迪上半年收入按年下跌2%至580億元人民幣,純利16.6億元人民幣,符合預期,意味次季純利約16億元人民幣,按年大增1.2倍,較首季大幅改善,收入組合優化亦有助提高公司上半年毛利約14%。
星展説,考慮到比亞迪推出新款車型“漢”,內地新能源車及整體汽車市場開始復甦,以及中國對5G服務的需求有望推動高端智能手機的出貨量,該行相信比亞迪業務前景正在改善,預測第三季純利11-13億元人民幣,按年大幅增長。

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