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《大行報告》花旗對比亞迪(01211.HK)開啟90日上行催化觀察
花旗發表報告,對比亞迪(01211.HK)開啟90日上行催化觀察,H股目標價463元,評級「買入」。 花旗表示,3月比亞迪內地零售銷量可望恢復至28萬輛。若出口恢復至3萬輛,3月批發加上溫和的補貨,可以證明約32萬輛預測是合理的。該行估計首季每輛淨利潤可穩定在約6,000元人民幣,但新車型的週期、強勁的成本規模效益、銷售恢復和產品組合改善,推動第二季每輛淨利潤可再次上升,達8,000元至9,000元人民幣水平,稅息前利潤率按季改善速度有望快過毛利率恢復速度。 該行注意到行業本土啤打值復甦,主要由插電式油電混合車(PHEV)和增程式電動車(EREV)提振,而比亞迪則迎來最佳車型週期,DM-i 5.0次季升級,以及 DM-p中高端車型銷量提升。花旗3月初對零跑汽車(09863.HK)開啟30日上行催化觀察。該行相信,對零跑汽車及比亞迪催化劑觀察,將強化該行對乘用車市場放緩下PHEV及EREV將為下一個大趨勢的觀點。
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