《大行報告》瑞銀:比亞迪(01211.HK)首季毛利率急收縮 面對下行風險評級「沽售」
瑞銀發表研究報告,指比亞迪(01211.HK)首季純利2.37億元人民幣,接近公司指引2億至3億元人民幣下端;意味按季倒退71%,按年升111%,較2019年首季低68%。首季純利僅相當於市場全年盈測53億元人民幣的4%。
報告稱,比亞迪首季毛利率較對上一季大幅收縮4個百分點至12.6%,較去年第三季的22.3%大幅低出9.7個百分點,甚至低於去年首季經歷疫情爆發時的17.7%。管理層在過去盈利指引曾稱原料成本上升對汽車業務毛利率構成負面影響。首季附屬比亞迪電子(00285.HK)貢獻逾200%純利,意味其餘業務淨虧損2.88億元人民幣,反映公司汽車業務脆弱及盈利能力波動。
瑞銀表示,比亞迪或面對下行風險。公司正面臨多項挑戰,包括電動車市場競爭加劇;原料成本持續上升,行業難以將成本轉嫁客戶。瑞銀降其2021至2023年每股盈測各5%,指現價相當於今年預測市盈率88倍及預測市帳率6倍,目標價144元,評級「沽售」,維持悲觀看法。
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