一文綜合券商對比亞迪(01211.HK)公佈去年業績後最新觀點及目標價
比亞迪(01211.HK)今日股價靠穩,裏昂發表報告表示,比亞迪去年銷售收入按年升38%,受惠電動車付運強勁推,但原材料成本價上漲拖累毛利率,指去年業績好壞參半,但對其長線前景看法不變,重申對其「買入」評級及目標價254元。
比亞迪昨公佈2021年度業績,收入2,113億人民幣,按年增加37.7%,錄得純利30.45億人民幣倒退28.1%,主要是產品結構變化導致毛利率下滑;每股盈利1.06元人民幣。末期息派0.105元人民幣。上年同期派0.148元人民幣。年內毛利236.33億人民幣下跌13.3%,公司去年毛利率由17.75%下降至11.18%,主要是產品結構變化。
【上季績績遜 原料成本漲】
野村發表報告表示,憧憬銷售持續增長勢頭及將有更多新車型在今年推出,將比亞迪今年和明年的電動汽車銷量預測分別上調26%和32%,各至108萬輛和139萬輛。但隨着原材料成本上升,將比亞迪今年和明年毛利率假設下調3個百分點,再加上更高的研發開支,將對比亞迪今年和明年的每股盈利預測分別下調7%和4%。該行將比亞迪目標價,由373.3港元下調至347港元,維持「買入」評級。
大和表示,雖然比亞迪因成本上漲令毛利率承壓,但料公司未來數月付運量可保持強勁,料可提振市場情緒,重申對其「買入」投資評級。
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下列6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│587元
美銀證券│買入│397元
野村│買入│373.3元->347元
瑞銀│買入│320元
摩根士丹利│與大市同步│256元
裏昂│買入│254元
券商│觀點
花旗│去年第四季盈利表現未如理想,惟現金流充裕
美銀證券│上季純利遜預期
野村│上調今明年汽車銷售預測,下調今明年盈利預測
瑞銀│去年電動汽車銷售強勁
摩根士丹利│去年盈利增長可觀,但利潤率下降抵銷利潤增長
裏昂│去年銷售超預期但盈利遜預期,商品價格上漲拖累利潤率
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