一文綜合大行於比亞迪(01211.HK)公布業績後最新評級、目標價及觀點
比亞迪(01211.HK)今早股價造淡，盤中低見158元一度下滑7.7%，最新報165.6元跌3.2%，券商指比亞迪首季業績指引疲弱，估計今年首季純利介乎2億至3億元人民幣，較去年第四季8.21億元人民幣明顯回落，瑞銀更指將將觸發市場同業下調對比亞迪全年盈利預測，懷疑今次或許是市場預期下調的轉捩點。
該公司昨日(29日)收市後公布去年業績，純利按年升1.62倍至42.34億元人民幣；每股盈利1.47元人民幣，派每股末期息0.148元人民幣。比亞迪去年實現收入按年升26%至1,534.69億元人民幣，其中汽車、汽車相關產品及其他產品業務的收入按年升38%至819.58億元人民幣；手機部件、組裝及其他產品業務的收入按年升13%至593.54億元人民幣；二次充電電池及光伏業務的收入按年升20%至117.05億元人民幣。
比亞迪預期截至今3月底止首季度盈利錄按年增加78%至166%，至2億至3億元人民幣，每股基本盈利為0.06至0.09元人民幣。
【首季指引遜色 瑞信下調預測】
大和指出，比亞迪今年首季盈利指標為2億至3億元人民幣，較去年第四季的8.21億元人民幣大幅減少，認為業績指引疲弱，可能與原材料價格上升損害毛利率有關。該行給予比亞迪「買入」評級，目標價290元。
瑞銀則指，比亞迪去年第四季毛利率降至16.6%，較2019年第四季的17%還要差。該行更指，今年首季業績指引疲弱，將觸發市場下調對其全年盈利預測，且由於大眾電動車市場競爭加劇，懷疑今次只是市場預期下調的轉捩點。該行維持對比亞迪「沽售」評級，目標價144元。
瑞信指出，比亞迪今年首季盈利預測僅為市場預期全年盈利的3%至5%，該行因而下調對比亞迪今明兩年盈利預測7.5%至7.8%，目標價由310元降至280元，維持「跑贏大市」評級。而野村則持不同意見，認為比亞迪今年股價有多項催化劑，包括新車款推出推動銷售，刀片電池可能獲同業青睞及分析半導體業務推動估值重估。該行維持對比亞迪「買入」評級與目標價300元不變。
-----------------------------------------
本網最新綜合5間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
花旗│買入│349元
野村│買入│300元
大和│買入│290元
瑞信│跑贏大市│310元->280元
瑞銀│沽售│144元
券商│觀點
花旗│去年第四季純利符預期，今年首季業績指引合理
野村│今年料有多股價催化劑
大和│去年第四季業績符預期，今年首季指引疲弱，或因原料成本上升
瑞信│今年首季業績疲弱，受成本上漲及補貼削減拖累
瑞銀│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.
