《大行報告》大摩:比亞迪(01211.HK)首季業績符預期 評級「與大市同步」
摩根士丹利發表報告指,比亞迪(01211.HK)首季盈利41億元人民幣,按季跌44%、按年升411%,意味著扣除比亞迪電子(00285.HK)貢獻,旗下每輛汽車利潤約為7,000元人民幣,大致上符合市場預期。
該行指,比亞迪收入按季跌23%至1202億元人民幣,因首季電動車銷量按季下降約20%至54.8萬輛,反映出季節性、以及在價格競爭加劇下,汽車行業需求的復甦放緩。
展望次季,該行指,比亞迪4月份周轉率已穩健地回升到4.5萬至5萬輛,意即隨著經銷商開始引入新車型,並展開更多促銷活動,以加快現有車型的銷售,批發統計數據可能會超過零售銷售率。
大摩指,除了關注其銷售軌跡以及能否實現全年300萬至360萬輛的目標外,市場亦關注高端和海外市場的開拓進展,因兩者均是影響比亞迪在2023年後增長前景的關鍵。
該行給予比亞迪目標價為215元,以及維持「與大市同步」評級。(ca/w)
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