《大行報告》麥格理下調比亞迪(01211.HK)目標價17%至295元 評級「跑贏大市」
麥格理髮表報告指,比亞迪(01211.HK)第三季純利超預期,因受惠於新能源車的毛利表現強勁。每架車的毛利由第二季2.6萬人民幣增加至季內3.4萬人民幣。
該行預計,比亞迪第四季汽車銷量將按季增長26%,由於D9的產品組合和規模效益,每架車的毛利將進一步提高到3.5萬人民幣。重申「跑贏大市」評級,以反映調高後的純利預測。該行對今年比亞迪純利預測較市場預期的109.44億人民幣高64%。但將目標價下調17%至295港元,主要是由於新能源車市銷率估值倍數由2.3倍降至1.3倍。
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