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《大行報告》摩通降比亞迪(01211.HK)目標價至270元 相信能維持強勁盈利能力
摩根大通發表報告指,比亞迪(01211.HK)H股於11月跑輸恆生國企指數8%,扭轉今年首十個月跑贏恆生國企指數約40%的趨勢,原因是投資者擔心比亞迪的自動駕駛技術滯後,導致未來產品可能無法吸引年輕買家;近期減價意味著需求疲軟和庫存高企。 該行指,在走訪比亞迪門店並與管理層溝通後,並不認同上述擔憂,認為比亞迪現時股價屬於超賣,相信比亞迪能維持強勁盈利能力,並將維持比亞迪H股「增持」評級。不過,考慮到明年充滿挑戰的市場環境,採更保守估值基礎,H股目標價由310元降至270元。 摩通認為,比亞迪最近減價是一項戰略舉措,目的是保持在A級轎車業務中的領先地位,並在一定程度上回應日產Sulphy車型約2萬元人民幣減價活動等。該行渠道調查顯示,比亞迪的庫存量約1.5個月,行業為1.7個月,屬於合理水平,相信比亞迪今年能實現300萬輛的銷售目標。
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