《大行報告》里昂升比亞迪(01211.HK)目標價至190元 已轉型成電動車解決方案商
里昂發表告表示,由於電動車(EV)銷量強勁,比亞迪(1211.HK)2020財年第三季度業績超出市場預期,該行指,受惠於有利的電動車和電池產品週期,汽車市場繼續復甦。該行料比亞迪正在吸引更多的外部客戶,並相信這將有助於公司從汽車製造商轉型為電動汽車解決方案提供商。
該行重申對比亞迪「買入」建議,對其目標價由131元上調至190元,相當於明年企業價值對銷售預測的3.9倍、企業價值對EBITDA的27倍,指公司催化劑包括強勁的旗艦電動車銷售,與外部汽車製造商的電池供應合同、以及其半導體和電池業務的潛在分拆因素。
里昂表示,基於比亞迪業績表現,決定上調對比亞迪2020年至2022年純利預測17.6%、17.8%及9.4%,至41.28億、45.05億及46.69億人民幣,並認為其增長潛力值得坐擁估值溢價。
通過向外部公司提供電池及半導體業務,比亞迪已成為電動汽車解決方案提供商。該公司已經收到了北汽和福特的電池訂單,而其他全球原始設備製造商(例如豐田和日野(Hino))的訂單可能會在未來幾年內實現。該行預測,到2025年比亞迪的外部電池銷售將佔其電池總出貨量的一半,而去年這一比例僅為2%。
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