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研報掘金丨長江證券:比亞迪開創油耗2時代,盈利能力有望保持高位,不懼競爭影響

長江證券研報指出,比亞迪(002594.SZ)正式發佈第五代DM插混技術即將量產上車,引領全球插混技術,開創領先油耗2時代。第五代DM技術發佈疊加新車型上市,批售節奏強勢恢復,出口持續高增。公司2024年將迎來新技術、新產品大年,DM5.0與e 4.0平台加持下,王朝海洋網將迎來改款換代,持續升級產品力,站穩主流市場。騰勢、仰望與方程豹車型儲備豐富,加速佈局高端市場。出海持續發力,海外渠道與車型矩陣將進一步完善。規模效應加持下,隨着出海與高端化放量,盈利能力有望保持高位,不懼競爭影響。預計2024-2026年公司歸母淨利潤386、479、557億元,對應PE 17X、14X、12X,維持“買入”評級。

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