《大行報告》大摩:比亞迪(01211.HK)第三季盈利勝預期 料股價反應正面
摩根士丹利發表報告,指比亞迪(01211.HK)發盈喜,料首三季純利按年升120%至142%,至介乎205億至225億元人民幣(下同),意味第三季純利按年升67%至102%,至破紀錄95億至115億元,遠勝市場預期。
假設撇除非全資附屬比亞迪電子(00285.HK)外,其他業務分部沒有重大盈利影響,該行估算上季比亞迪每輛汽車盈利介乎10,500至12,700元,高於該行原先估計的每輛9,000至9,200元,或市場樂觀估算每輛約9,500元。
該行料比亞迪股價反應正面,但市場或憂慮自第三季末內地新能源車市場減價戰開始後,其強勁業績的可持續性,以及市佔或見頂、庫存增加、競爭加劇,以及出口形勢趨嚴峻(歐盟早前展開對中國新能源車調查)。大摩予比亞迪H股「與大市同步」評級,目標價249港元。
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