研報掘金丨申萬宏源:維持比亞迪“增持”評級 開啟新車型週期
申萬宏源研究指出,比亞迪(002594.SZ)發佈DMi5.0技術,以及對應首發車型秦L,入門款售價9.98萬元。定價有進攻性,B級燃油車市場面臨更為直接的挑戰。燃油車與新能源的此消彼長,將讓我們更快見到新能源50%滲透率分水嶺。競爭格局加劇,該行看好快速變革下仍能持續提升市佔率的公司將有極大可能走到這場大變局的終點。綜合考慮公司海外市場的表現,公司高端產品份額的提升,以及國內原材料成本降幅的緩慢釋放,維持公司2024-26年營收預測8105/9307/10506億元;淨利潤預測336/415/506億元。對應PE為18/15/12倍,考慮到公司份額的持續提升,以及超越同行的盈利水平,維持“增持”評級。
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