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一文了解券商於比亞迪(01211.HK)公布第三季度業績後最新目標價及觀點
美國電動車生產商特斯拉(TSLA.US)股價下滑4.8%,比亞迪(01211.HK)今早隨市向下,現跌3.7%報237.2元。富瑞表示在行業競爭下,比亞迪上季毛利率仍然鞏固,按季升3.4個百分點至22.1%,得益於使用價率改善、電池價格下跌及產品出口增加,維持「買入」評級,上調目標價由263元升至331元。。 公司昨日(30日)收市後公布今年首九個月營業收入4,222.7億元人民幣按年升57.8%,淨利潤按年升129.5%至213.7億人民幣,每股收益7.35元人民幣。單計第三季營業收入按年升38.5%至1,621.5億元人民幣,淨利潤升82.2%至104.1億元人民幣,每股收益3.58元。 【毛利率理想 憂行業競爭】 摩根士丹利發表報告表示,比亞迪第三季業績顯示其每輛汽車利潤達11.4萬元人民幣,優越的規模為公司提供了更強的議價能力,並減輕全行業價格競爭壓力的影響。該行指比亞迪上季業績顯示其執行力紮實,但問題是在經濟低迷時期其未來毛利率能否維持,在今年第三季和日益激烈的行業競爭下,可能會對比亞迪未來6至12個獲利能力帶來挑戰。該行輕微下調對比亞迪目標價由249元降至242元,維持「與大市同步」評級。 瑞銀發表報告表示,比亞迪第三季淨利潤符合預期。儘管內地電動車領域的競爭日益激烈,毛利率仍達22.1%,較上季升3.4個百分點,按年增3.2個百分點;淨利潤率則擴大至6.4%創八年新高。該行預計比亞迪具有競爭力的產品供應和有利的季節性因素,將支持集團在第四季的強勁勢頭,加上產品組合升級兼現金流強勁,因此該行上調比亞迪2023至2025年的淨利潤預測13至29%,目標價相應由345港元上調至360港元,維持評級「買入」。 ----------------------------------------- 下表列出7間券商對比亞迪投資評級及目標價: 券商│投資評級│目標價(港元) 花旗│買入│602元 瑞銀│買入│345元->360元 大和│買入│346元 富瑞│買入│263元->331元 高盛│買入│321元 招銀國際│持有->買入│240元->290元 摩根士丹利│與大市同步│249元->242元 券商│觀點 花旗│卓越研發趨勢、銷售成本、綜合開銷及行政管理費用 瑞銀│市場競爭激烈下毛利率按季升,產品升級兼現金流強健 大和│利潤率顯著改善 富瑞│利潤率擴張體現比亞迪強勢地位 高盛│第三季盈利增長符預期,利潤率穩健擴張 招銀國際│料未來幾季度盈利增長超預期 摩根士丹利│第三季業績再次證明比亞迪實力,但關注能否在經濟低迷時期維持良好利潤率
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