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《大行報告》美銀證券下調比亞迪(01211.HK)目標價至380元 評級「買入」
美銀證券發表報告表示,下調比亞迪(01211.HK)目標價,由400元降至380元,維持「買入」評級。基於去年第四季業績,下調對比亞迪今明兩年收入預測各2%及4%,上調今明兩年每股盈利預測14%及13%。 報告引述比亞迪管理層指,預計中國電動車滲透率於今年升至40%至45%,相等於850萬至900萬輛銷售。縱使部分客戶對價格戰採取觀望態度,但中國電動車滲透率在3月升至35%,高級別城市顧客主要考慮電動車作為更換或額外購買選項。二手車價格崩潰、代理商盈利能力轉差、合營品牌內在衝突及內燃引擎車吸引力下降,均顯示電動車機會。公司今年在內地銷售目標為最少300萬輛。 美銀證券表示,公司表明將集中必要高級輔助駕駛系統,以協助改善駕駛安,而非發展全自動駕駛。海外擴展方面,公司將選擇性地進入,限制有強勁本土對手或地緣政治風險國家的風險敞口,包括美國、日本、南韓及德國。但會進入有高增長潛力及補貼的市場,如泰國。
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