《大行報告》高盛降比亞迪(01211.HK)目標價至304元 下調盈測
高盛發表研報指,市場擔憂比亞迪(01211.HK)的大眾市場車型持續降價可能導致毛利率受壓,計及正在進行的去庫存以及3月起新車型陸續上市的時間表,現在預測比亞迪2024年綜合降價幅度為8.1%,將目標價下調至304元,並將2023至2025年淨利預測下調11%至15%。
惟該行預期,比亞迪在高端汽車市場發展良好,三大高端品牌騰勢、方程豹及仰望去年全年合共交付13.6萬輛車,毛利率介乎30%至40%,對比大眾車型毛利率為逾20%,預測今年其高端車型銷量將達到31.2萬輛,佔總銷量及汽車業務收入的8%及20%。
高端品牌及出口業務對利潤的貢獻趨向穩定,加上BOM成本降,令高盛相信可抵銷大眾車型降價的影響,預期比亞迪今年可保持穩定的毛利率及單位利潤,預測今年汽車出口量將達到43.9萬輛,重申「買入」評級。
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