《大行報告》里昂:比亞迪(01211.HK)第三季每部車利潤高於預期 重申「買入」評級
里昂發表報告指,比亞迪(01211.HK)發盈喜,第三季淨利潤介乎95.5億至115.5億元人民幣,按年增67%至102%。根據該行估計,單部車利潤約為1萬至1.1萬人民幣,大大超出市場預期。
里昂指,業績主要驅動因素是規模經濟增長,以及鋰電池成本節約和高端品牌更高的平均售價,這些因素應足以抵銷價格折扣影響。基於利潤率增長加快,以及該行預計到2026年汽車銷量將達到600萬輛(長遠達到1,000萬輛),認為公司還有很大的上升空間。該行予比亞迪H股目標價310元,評級「買入」。
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