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《大行報告》匯豐研究下調比亞迪(01211.HK)目標價至391元 評級「買入」
匯豐研究發表報告指,比亞迪(01211.HK)預計第三季純利為95億至115億元人民幣,勝於預期,主要是由於其電動車銷量持續增長帶來的規模經濟效應,帶動了更高毛利率。自8月底以來,集團H股股價僅上升2%,而A股股價則下跌4%,主要是因為基於定價壓力增加,市場對其盈利增長有憂慮。 不過,該行認為市場屬過份憂慮。由於新高價值車型的交付和銷量增加,產品結構得到改善,加上持續的規模經濟,現有車型組合的銷售增長勢頭在所有車型的預算版本的支持下,車型不斷更新及新產品持續推出,該行預計集團第四季的盈利將進一步增長。另外,該行亦上調集團2023至25年盈測7至16%。 該行提到,雖然上調了盈利預測,但同時亦提高了股權成本預測,以反映宏觀流動性狀況收緊和投資者風險偏好下降。該行將公司目標價由408元下調至391元,維持「買入」評級。
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