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一文綜合大行於比亞迪(01211.HK)公佈去年業績後最新目標價及觀點
比亞迪(01211.HK)今早股價最高見219.4元一度升3.8%,最新報218元升3.1%。摩根大通表示,比亞迪去年純利高於該行原預期28%,主要受穩定增長交付量及2022年底新能源汽車補貼到期前強勁的產品組合推動,料公司今年新能源汽車銷量可按年升44%至260萬輛並保持其在內地新能源汽車領域的主導地位,即32%的市場份額,維持「增持」評級及目標價275元。 比亞迪昨晚(28日)公佈去年業績顯示,受惠新能源汽車業務增長,實現營業額4,240.61億人民幣按年增加96.2%。錄得純利166.22億人民幣增長445.9%,每股盈利5.71元人民幣。每股末期息派1.142元人民幣,上年同期派0.105元人民幣。 公司去年毛利722.45億元,增加156.7%;毛利率17.04%,上升4.02個百分點,主要是新能源汽車業務增加,預期2023年新能源汽車將延續強勁增長勢頭,滲透率亦有望大幅突破。 【去年純利強勁 關注首季表現】 瑞信表示,比亞迪去年純利符合業績指引,由於內地新能源補貼在今年取消,料公司今年首季業績會受到短期的影響,料今年首季收入按年升91%至54.5萬輛(按季升20%),料毛利率亦會有下滑,但維持對其「跑贏大市」評級及目標價420元。 摩根士丹利表示,比亞迪去年純利錄166億人民幣,即去年第四季純利錄77億人民幣按年升11.14倍(按季升28%),去年末季純利飆升主要是由於創紀錄的68.3萬輛電動汽車銷量、手機業務的改善以及成本控制良好,令人驚喜是SG&A比率按季基本持平於10.9%,維持「與大市同步」評級及目標價215元。 --------------------------------- 下表列出5間券商對其評級及目標價: 券商│投資評級│目標價(港元) 瑞信│跑贏大市│420元 麥格理│跑贏大市│326元 大和│買入│326元 摩根大通│增持│275元 摩根士丹利│與大市同步│215元 券商|觀點 摩根大通│去年業績優預期28% 瑞信│去年業績符合預期,因政府補貼取消及減價料今年首季收入下跌 麥格理|產品組合廣泛兼具多城市分銷渠道 大和│料今年比亞迪汽車業務可保持盈利,交付量勢頭強勁 摩根士丹利│去年第四季淨利潤按年增11倍,利潤率穩健成爲亮點
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