大行評級|大摩:比亞迪第三季純利符合預期 相信全年銷量可超400萬輛
摩根士丹利發表研究報吿指,比亞迪第三季純利錄116億元,按年增長11.5%,按季比較增長28.1%,大致符合市場預期。撇除比亞迪電子貢獻的約15億元盈利,預期比亞迪期內每輛汽車單位利潤達約9300元,高於第二季的8500元和首季的6600元。毛利率表現亦超出預期,第三季回升至21.9%,對比該行預測為約20%。
大摩認為,毛利率提升主要受惠於DM-i 5.0型號佔比提升、規模效應與上游材料成本下降,有助於抵銷營運開支高於預期的影響。該行相信比亞迪全年銷量可超越400萬輛,並可能在第四季實現盈利回升,維持“與大市同步”評級,目標價230港元。
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