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《大行報告》野村下調比亞迪(01211.HK)目標價至356元 評級「買入」
野村發表研究報告指,比亞迪(01211.HK)上半年純利按年增長206%,達到盈喜預告的上限。若撇除子公司比亞迪電子(00285.HK)純利按年跌61%的影響,核心汽車及電池業務淨利潤將從今年首季的5.01億元人民幣,增長至次季的26.77億元人民幣。 該行認為,季度純利大幅增長,毛利率亦提升2個百分點,主要來自於電動汽車銷量強勁所帶動,規模經濟有助抵銷組件成本壓力。野村認為,比亞迪致力強化市場對其品牌的認知度,7月份市場份額達到29%,鞏固了其作為中國最大電動汽車銷售商的地位,年初至今公司推出多款廣受好評的電動車車型,今年餘下時間強勁銷售具高度可見性。 考慮到公司上半年業績及年初至今銷量表現強勁,野村將比亞迪2022至2024財年每股盈利預測上調10%至14%,預測今明兩年銷量將分別增長至170萬及240萬輛,目標價由360元降至356元,維持「買入」評級。
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