《大行報告》花旗上調比亞迪(01211.HK)目標價至327元 評級「買入」
花旗發表研究報告,預期比亞迪(01211.HK)7月至8月新能源汽車出貨量將達到5萬及6萬輛,並預料今年餘下時間將持續錄得增長,將2021至2023年新能源汽車銷量預測提升至53.7萬、74.7萬及100萬輛。
花旗解釋,內地消費者對新能源汽車的接受度較預期高,將今年內地新能源乘用車銷量預測由250萬輛提升至280萬輛,料電動車滲透率至第四季可達到15%,至2025年達到35%。基於行業及公司銷售表現,該行預期比亞迪市銷率可與蔚來(NIO.US)、小鵬(09868.HK)(XPEV.US)及理想(LI.US)等電動車廠看齊。
該行又預期,若比亞迪在本周四(15日)未有發布盈警,即上半年淨利將高於7.71億元人民幣。考慮到成本上升,花旗將今年比亞迪電動車及乘用車整體毛利率預測降至13%,預期明年恢復至14%至16%,將今年度淨利預測降至41億元,維持明年及2023年預測,維持評級「買入」,目標價由287升至327元。
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