大和:比亞迪(1211.HK)重申買入評級 目標價下調至235港元
大和發表研究報吿表示,比亞迪(1211.HK)今年第一季度盈利指引疲弱,故將其2021-22年每股盈利預測下調18至31%,並將其目標價由290港元下調至235港元,但比亞迪擴大電池產量將推動今年下半年銷售大幅增長,故重申買入投資評級。
大和表示,原材料價格上升影響比亞迪盈利能力,以及該公司將於下月推出使用LFP電池的NEVs,目前正在清理其NCM電池庫存,將影響其毛利率。
比亞迪去年第四季度淨利潤為8.21億元人民幣,符合該行預期,而今年第一季度淨利潤目標為2至3億元人民幣,按年增長78至166%,但遠低於2020年第四季度盈利水平,亦低於該行預期。
比亞迪於今年1月及3月8日推出DM-i超級混動搭載超級電混系統,第一款車型“秦PLUSDM-i”已經推出。到目前為止,該車型市場需求強勁,已有超過5萬張訂單。但由於電池容量限制,產能限制為每月3000輛。比亞迪計劃於6月擴大DM-i採用的LFP電池容量以推動銷售增長。另外,市場對“漢”車型的需求仍然穩定,預計每月銷量為1萬輛。隨著電池容量的逐步擴大和更多DM-i型號的推出,預計今年下半年銷量開始增加。

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