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《大行報告》麥格理首予比亞迪(01211.HK)「跑贏大市」評級 目標價310元
麥格理發表報告指,全球各地提高碳排放標準,對電動車的需求提升,為新加入的競爭者提供機會,相信比亞迪(01211.HK)在成本因素有利、刀片電池技術基礎之下,將會成為主要的勝出者之一,與1970至80年代豐田節能汽車快速增長的情況相似。相信未來兩至三年,比亞迪的出口增長推動盈利提升,不過海外市場的保護主義,或會限制比亞迪的擴張。 報告指,比亞迪受價格競爭的憂慮令股價下跌,不過公司有清晰的市場份額目標,亦有意維護價格水平,相信情況只屬短期,而其成本具優勢,最終能夠在市場競爭中取勝。目前該股估值處於十年低位,屬非常吸引水平,首次給予「跑贏大市」評級,目標價310元,相當於2025年度預測市盈率18倍。
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