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《大行报告》高盛升比亚迪(01211.HK)目标价至293元 评级「中性」
阿思达克 02-17 11:53
高盛发表研究报告,预期届2025年内地新能源车销量升至460万辆,2030年增至850万辆,2035年进一步扩至1,250万辆;未来十五年汽车电池需求料增长12倍。这意味未来十年电池销量年化复合增长料达18%。

报告称,内地领先供应商已准备好迎接机遇,比亚迪(01211.HK)及宁德时代(300750.SZ)最近公布加快产能扩张的计划。该行相应上调两者销量估算,料其主导内地汽车电池市场,并逐渐捕捉增长机遇如能源储存及出口。

高盛称,料比亚迪2021至2023年各年电池对外销售分别达7、15及25吉瓦,并料期内新能源车销量分别38.1万、51.8万及66.2万辆,与该行去年底行业预测相符,并轻微调整销售均价预测以反映汽车销售高端化。

报告料比亚迪新能源车业务市占由2020年的16%扩大至2021至2025年的24%,届2023至2025年电池对外销售市占料达13%。高盛上调比亚迪(撇除比亚迪电子)今明两年收入预测介乎25%至57%,上调盈测介乎50%至88%。以三阶段现金流折现率计,予比亚迪目标价由38元升至293元,评级「中性」。

高盛另予宁德时代目标价由278元人民币升至428元人民币,评级「中性」。

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