《大行報告》里昂下調比亞迪(01211.HK)目標價至280元 評級「買入」
里昂發表研究報告,指比亞迪(01211.HK)去年業績對辦,純利按年升162%至42億元人民幣。管理層料今年首季純利達2億至3億元人民幣,相當於按年增長78%至166%。報告稱,繼去年明顯轉勢後,相信其將有兩大催化劑助力反彈,即科技領導地位和在具吸引力新平台推出新車型,相信可帶動每股盈利於2020至2023年間年均複合增長率達20%。
該行指出,比亞迪短期料持續在內地新能源車市場中增加市佔,料其今年新能源車銷量達40萬輛,相當於內地新能源車市佔兩成,並指公司會轉型至智能流動解決方案提供商;該行降其今年盈測11%,並微升明年盈測0.4%,以現金流折現率計,目標價由340元降至280元,考慮強勁增長及盈利可見度改善,重申「買入」評級。
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