大行評級|交銀國際:維持比亞迪“買入”評級 目標價309.67港元
交銀國際表示,比亞迪今年上半年實現收入2601億元按年增長72.7%,歸母淨利潤109.5億按年增長204.7%。次季度毛利率為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,仍看好比亞迪末季度的銷量增長,認為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港元。
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