研報掘金丨海通證券:維持比亞迪“優於大市”評級,目標價383.02-401.26元
海通證券研報指出,比亞迪(002594.SZ)24年實現歸母淨利潤403億元,同比+34%。其中,24Q4實現歸母淨利潤150億元,同比+73%,環比+29%。比亞迪2024年共交付新車427萬輛,同比+41%,其中24Q4共交付154 萬輛,同比+63%,環比+36%。天神之眼C 首批21款車型正式上市,開啓全民智駕時代。作爲新能源車行業的頭部企業,比亞迪大力推廣智駕,有利於全行業降低研發和生產成本,進而推動智駕更廣泛的普及。另外,超級e平臺技術發佈,漢、唐L 開啓純電新車週期。發佈員工持股計劃,堅定長期發展。參考可比公司,考慮到比亞迪是新能源車頭部企業,給予公司2025年21-22倍PE,對應合理價值區間383.02-401.26元。維持“優於大市”評級。
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