大行評級|花旗:對比亞迪開啟30日上行催化觀察 目標價475港元
花旗發表報吿,對比亞迪開啟30日上行催化觀察,認為歐盟關税上調的結果對比亞迪略有利好,而該行原預期關税達30%,並改善了比亞迪今年第二季及第三季出口增長能見度。而比亞迪在歐盟的關税較其他中國企業低,意味着集團於歐盟的市場份額有所擴大。
根據該行分析,即使歐盟關税上調至27.4%,比亞迪出口到歐洲的業務在目前的生產規模下,仍可實現8.6%的淨利潤率(假設關税上調的50%由客户承擔),該行認為這較集團於內地市場每輛車的淨利潤水平為高。該行預期比亞迪第二季每輛車的淨利潤至少為8,000元,維持對其全年平均每輛車淨利潤達8,000至1萬元的預測。
該行對其目標價475港元,評級“買入”,並維持對其2025財年淨利潤預測517億元不變。
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