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《大行報告》大摩料比亞迪(01211.HK)上季業績穩固 市場已意識到下半年行業競爭格局惡化
摩根士丹利發表研究報告指出,比亞迪(01211.HK)車輛獲利能力持續上升,銷量創新高,應可支持第三季業績維持穩固,但未能令市場驚喜。市場已意識到下半年行業競爭格局惡化,令包括比亞迪在內的所有代工廠帶來巨大的銷售和定價壓力。 此外,該行認為正如比亞迪董事長所的指引,投資者正尋求規模效益,更大程度上尋求節省電池材料,令公司有一定的韌性來應對第三季的不利因素。然而,比亞迪要維持汽車銷量及毛利率上升趨勢,或將是一場苦戰。 該行預期,比亞迪第三季交付量按季增長17%至82.4萬輛,而由於2023年冠軍版車型組合較多,與舊版本相比,其定價較為進取,因此料產品均價按季微降,抵銷高端品牌騰勢D9和N7,以及出口帶來的收益。大摩對比亞迪目標價為249元,評級「與大市同步」。
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