研報掘金丨光大證券:比亞迪出口+高端化打開業績向上空間,單車盈利仍有望保持穩健
格隆匯6月7日丨光大證券6日研報指出,比亞迪前5月銷量接近100萬輛,終端折扣+改款降價應對市場競爭。有望在不影響品牌力的基礎上,提升產品性價比驅動新增訂單持續爬坡。該行判斷,碳酸鋰價格、配置變化、以及冠軍版車型降幅或為影響單車盈利的最大變量,測算冠軍版車型單車盈利小幅承壓但仍保持較為可觀水平。此外,公司依託較強的品牌力+研發/技術迭代等優勢強化國內龍頭地位,高端車型、以及海外市場放量或將帶動公司業績向上彈性。該行維持23-25E 業績至歸母淨利潤229.8/387.1/579.4億元。維持A股目標價至303.34元(對應38x2023EPE),H股目標價至276.99港元(對應31x2023EPE)。看好行業競爭加劇下的龍頭集中化趨勢+海外第二成長前景,維持A/H股“買入”評級。
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