一文综合大行於比亚迪(01211.HK)公布业绩後最新评级、目标价及观点
比亚迪(01211.HK)今早股价造淡，盘中低见158元一度下滑7.7%，最新报165.6元跌3.2%，券商指比亚迪首季业绩指引疲弱，估计今年首季纯利介乎2亿至3亿元人民币，较去年第四季8.21亿元人民币明显回落，瑞银更指将将触发市场同业下调对比亚迪全年盈利预测，怀疑今次或许是市场预期下调的转捩点。
该公司昨日(29日)收市後公布去年业绩，纯利按年升1.62倍至42.34亿元人民币；每股盈利1.47元人民币，派每股末期息0.148元人民币。比亚迪去年实现收入按年升26%至1,534.69亿元人民币，其中汽车、汽车相关产品及其他产品业务的收入按年升38%至819.58亿元人民币；手机部件、组装及其他产品业务的收入按年升13%至593.54亿元人民币；二次充电电池及光伏业务的收入按年升20%至117.05亿元人民币。
比亚迪预期截至今3月底止首季度盈利录按年增加78%至166%，至2亿至3亿元人民币，每股基本盈利为0.06至0.09元人民币。
【首季指引逊色 券商纷降预测】
大和指出，比亚迪今年首季盈利指标为2亿至3亿元人民币，较去年第四季的8.21亿元人民币大幅减少，认为业绩指引疲弱，可能与原材料价格上升损害毛利率有关。该行给予比亚迪「买入」评级，目标价290元。
瑞银则指，比亚迪去年第四季毛利率降至16.6%，较2019年第四季的17%还要差。该行更指，今年首季业绩指引疲弱，将触发市场下调对其全年盈利预测，且由於大众电动车市场竞争加剧，怀疑今次只是市场预期下调的转捩点。该行维持对比亚迪「沽售」评级，目标价144元。
瑞信指出，比亚迪今年首季盈利预测仅为市场预期全年盈利的3%至5%，该行因而下调对比亚迪今明两年盈利预测7.5%至7.8%，目标价由310元降至280元，维持「跑赢大市」评级。而野村则持不同意见，认为比亚迪今年股价有多项催化剂，包括新车款推出推动销售，刀片电池可能获同业青睐及分析半导体业务推动估值重估。该行维持对比亚迪「买入」评级与目标价300元不变。
-----------------------------------------
本网最新综合5间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
花旗│买入│349元
野村│买入│300元
大和│买入│290元
瑞信│跑赢大市│310元->280元
瑞银│沽售│144元
券商│观点
花旗│去年第四季纯利符预期，今年首季业绩指引合理
野村│今年料有多股价催化剂
大和│去年第四季业绩符预期，今年首季指引疲弱，或因原料成本上升
瑞信│今年首季业绩疲弱，受成本上涨及补贴削减拖累
瑞银│今年首季盈利按季下跌
(fc/w)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
