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《大行报告》里昂升比亚迪(01211.HK)目标价至190元 已转型成电动车解决方案商
阿思达克 11-02 15:01
里昂发表告表示,由於电动车(EV)销量强劲,比亚迪(1211.HK)2020财年第三季度业绩超出市场预期,该行指,受惠於有利的电动车和电池产品周期,汽车市场继续复苏。该行料比亚迪正在吸引更多的外部客户,并相信这将有助於公司从汽车制造商转型为电动汽车解决方案提供商。

该行重申对比亚迪「买入」建议,对其目标价由131元上调至190元,相当於明年企业价值对销售预测的3.9倍、企业价值对EBITDA的27倍,指公司催化剂包括强劲的旗舰电动车销售,与外部汽车制造商的电池供应合同、以及其半导体和电池业务的潜在分拆因素。

里昂表示,基於比亚迪业绩表现,决定上调对比亚迪2020年至2022年纯利预测17.6%、17.8%及9.4%,至41.28亿、45.05亿及46.69亿人民币,并认为其增长潜力值得坐拥估值溢价。

通过向外部公司提供电池及半导体业务,比亚迪已成为电动汽车解决方案提供商。该公司已经收到了北汽和福特的电池订单,而其他全球原始设备制造商(例如丰田和日野(Hino))的订单可能会在未来几年内实现。该行预测,到2025年比亚迪的外部电池销售将占其电池总出货量的一半,而去年这一比例仅为2%。

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