《大行報告》大摩上調比亞迪(01211.HK)目標價至249元 評級「與大市同步」
摩根士丹利發表報告,上調比亞迪(01211.HK)盈利預測,以反映第二季業績穩固。雖然面臨價格壓力,但有利的成本控制和銷售組合為業績帶來支持。
報告指,長遠而言,比亞迪與其覆蓋的其他電動車企業相比,具有更好的能見度和全球前景。不過,基於各方面的達標情景,例如比亞迪今年國內銷量300萬輛、下半年每輛車的盈利能力超過1萬元人民幣和強勁的海外擴張,目前市場對其基本預測似乎已反映短期內更樂觀的預期。由於有較高的比較基數,比亞迪明年銷量和市場份額增長的下行風險可能較大,因此在平衡風險回報的前提下,維持H股「與大市同步」評級。H股目標價則由215元升至249元。
在其他開支假設基本保持不變的情況下,大摩將比亞迪今年淨利潤預測上調26%,明年上調21%,後年上調19%,淨利潤率料從今年的3.8%提高到後年的4.3%。該行對比亞迪今年至後年淨利潤預測比市場預測低14至25%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.