《大行报告》瑞银:比亚迪(01211.HK)盈利能力潜在提升 近期股价疲弱重申「买入」评级
瑞银发表报告指出,比亚迪(01211.HK)对部分车型提供额外5,000至1万元人民币的折扣,导致该股股价过去三日跌一成。该行指投资者对于比亚迪在价格战、经销商库存及华为竞争等议题上表示忧虑。
该行透过比较比亚迪过去三年的批发、保险登记和出口数量来计算其经销商库存,估计截至10月份,比亚迪经销商库存约为1.8个月,略为高于行业1.7个月的水平,但考虑到即将到来的冬季旺季,相信范围可控。
而本轮降价后,该行指比亚迪车型平均折扣达到1万元人民币,相对于去年几乎是零折扣,此外还推出规格和价格较低的「冠军版」系列。然而,由于锂价较低,年初至今每辆车的成本已下降1.5万至2万元人民币,而规模经济和工程优化可能有助于进一步节省成本。比亚迪的降价不仅与原材料通缩一致,相对于同业而言亦较为温和,如Tesla(TSLA.US)及蔚来(09866.HK)今年迄今均降价超过3万元人民币。
华为竞争方面,该行指华为一直专注于高端市场及其软体件能力,而比亚迪虽然尝试向高端化车型发展,但其重点仍关注于制动系统、越野能力及智能悬架方面,相信公司每年300万辆销量的庞大规模,加上垂直供应链整合和系统整合能力,应足以面对近来华为的竞争。
该行认为在高端化、出口贡献、成本优化和原材料通缩下,比亚迪盈利能力潜在提升,该股近期股价疲弱,重申对其「买入」评级,目标价360元。
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