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大行評級|招商證券國際:上調比亞迪目標價至510港元 今年成長動力充足
格隆匯 03-26 10:37

招商證券國際發表報告指,比亞迪業績符預期,價格戰下利潤率穩定彰顯控本實力。去年第四季比亞迪淨利潤150.2億元,按年和按季分別增長73.1%和29.4 %,基本符合市場預期的147.6億元。該行上調2025至2026年淨利潤預測各10%,反映公司規模效應增強提升利潤率,目標價由460港元上調至510港元,評級“增持”,列爲行業首推股之一。

報告指,公司今年成長動力充足。國內市場格局方面,預計合資品牌持續收縮,2025至2026年市場份額下降,渠道收縮,市場份額繼續向優勢龍頭集中;電動智能技術突破:新發布超級e平臺實現千伏閃充5分鐘續航400公里;天神之眼覆蓋多數車型,並繼續加碼智能座艙,大幅增強產品力並補齊智能化短板;電動智能向海外輻射:公司將繼續在海外自建工廠,通過核心部件國內出口,海外組裝的方式以規避關稅等風險。另外,比亞迪今年全年銷量目標550萬輛,按年增長約30%,同時計劃出口翻倍增長至超過80萬輛

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