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《大行報告》匯豐研究下調比亞迪(01211.HK)目標價至426元 評級「買入」
匯豐研究發表研究報告指出,比亞迪(01211.HK)上月汽車銷量逾23.5萬輛,意味著去年總銷量按年增長152%至187萬輛,均創新高。受強勁的交付支持,比亞迪A股及H股自去年10月底以來分別累升12%及30%,但仍跑輸期內滬深300指數及恆指,主要由於巴郡減持的壓力,以及市場對汽車需求和電動汽車市場競爭加劇的擔憂。 該行認為,踏入新一年,汽車市場競爭將更為激烈,儘管鋰價疲弱,但電動車潛在的價格競爭或為利潤帶來壓力。該行指出,行業龍頭如比亞迪般擁有卓越的產品價值、規模經濟和垂直整合能力,相信較同業更具韌性。 此外,匯豐研究認為比亞迪的銷量及純利增長穩健,對其2023及2024財年盈利預測各下調3%及1%,以反映增加的營運成本抵銷了毛利率改善的因素。目標價相應由441元降至426元,維持「買入」評級。
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