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一文了解券商於比亞迪(01211.HK)公佈中期業績後最新目標價及觀點
比亞迪股份(01211.HK)昨晚(28日)公佈6月今年中期業績,今早(29日)股價節節上揚,盤中曾高見236.8元一度彈高近5.2%。摩根大通指比亞迪第二季業績略爲令人感到驚喜,即使面對市場競爭,其盈利能力持續提升。美銀證券表示,比亞迪第二季收入按年升67%(按季升17%)至1,400億人民幣,毛利率錄18.7%(按年及按季各升4.3個百分點及0.9個百分點),次季每輛汽車利潤約9,300人民幣(按年及按季升3%及23%),次季撇除一次性項目盈利61億人民幣按年大升1.44倍(按季升72%),指上半年純利佔對其全年度預測44%,重申對其「買入」評級及目標價410元,料可受惠生產銷量規模、可受益鋰電池價格回落。 比亞迪公佈今年上半年營業額2,601.24億人民幣按年增加72.7%。錄得純利109.54億人民幣增長204.7%,主要受惠新能源汽車銷量增長;每股盈利3.77元人民幣。不派中期息。期內,受惠新能源汽車業務增加,毛利增加134.4%至476.73億人民幣;毛利率由13.51%升至18.33%。展望下半年,內地新能源汽車產業將延續良好的增長勢頭,滲透率亦有望繼續突破。 【績後股價揚 毛利率提升】 交銀國際表示,比亞迪今年上半年實現收入2,601億元人民幣按年增長72.7%,歸母淨利潤109.5億人民幣按年增長204.7%。次季度毛利率爲18.7%,按年及按季各增長4.3及0.9個百分點。在上半年的價格戰和競爭激烈的市場,比亞迪毛利率依然按季改善,體現出強大的供應鏈以及車型高端化,高價車型佔比提升。雖然該行預期第四季度新能源乘用車市場競爭將會白熱化,有可能會有進一步的價格戰。但是該行依然看好比亞迪末季度的銷量增長,認爲其供應鏈優勢以及品牌高端化將有助維持良好的毛利率。出口也會是下半年和明年另一個銷量增長動力。該行維持「買入」評級和目標價309.67元。 高盛表示,比亞迪第二季純利錄68.24億人民幣,符合該行早前公佈業績指引介63.7億至75.7億人民幣,毛利率按年升4.3個百分點至18.7%,顯示控制成本表現良好。該行指比亞迪開始進軍海外市場,憑藉出色的產品,預計海外市場將成爲公司的增長動力,維持「「買入」及目標價337元。 ------------------------------------------ 下表列出7間券商對比亞迪投資評級及目標價: 券商│投資評級│目標價(港元) 美銀證券│買入│410元 野村│買入│356元 大和│買入│346元 高盛│買入│337元 瑞銀│買入│320元 交銀國際│買入│309.67元 摩根大通│增持│300元 券商│觀點 美銀證券│次季盈利增長穩健,每輛車淨利潤持續改善 野村│上半年及次季業績強勁 大和│次季盈利按年增長145%符預期,營收強勁增長兼毛利率恢復 交銀國際│次季利潤強勁,出口和高端化爲下半年亮點 高盛│次季利潤增長符預期,利潤率持續擴張 瑞銀│次季業績表現符預期,新高端產品兼擴大海外銷售成增長關鍵 摩根大通│憧憬通過更豐富組合和海外機會緩解行業挑戰
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