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大行評級|花旗:上調比亞迪目標價至475港元 上調今明兩年銷量預期
花旗發表報吿指,考慮到比亞迪強勁的車型週期和銷售勢頭,將2024財年和2025財年新能源車和乘用車銷售預測從367萬和417萬分別上調至385萬和501萬。基於更好的規模效應和成本控制,同時將2024財年和2025財年毛利率預測上調1至1.4個百分點,至18.1和19%。該行將比亞迪2024財年和2025財年淨利潤預測分別上調至357和517億元,2026財年為預測627億元,H股目標價由463港元上調至475港元。花旗預計,比亞迪第二季銷量按季大幅增長55%,而該行估計季內銷售、管理和費用按季將温和增長,將支持盈利強勁復甦。該行預計,比亞迪2024財年每輛汽車純利預測將被市場上調至8,000至10,000元,同時預計5、6、7月份的月度銷量將繼續保持正增長。
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