研報掘金丨國投證券:比亞迪業績表現亮眼,維持“買入-A”評級
國投證券研報指出,比亞迪(002594.SZ)24Q4年歸母淨利潤150億元,同比+73%、環比+29%,全年歸母淨利潤403億元、同比+34%。業績表現亮眼。單車盈利基本穩定,有望迎來持續釋放。新車上市帶來費用增加,持續加碼研發投入。現金儲備充足,經營活動現金流淨額772億元、同比+7%、環比+84%。展望未來,基本盤再上臺階,高端化&出海持續突破,基本盤再上臺階、智能化普及提升產品競爭力: 2025 年公司規模及成本優勢有望持續凸顯,智駕下放到10萬級車型上強化產品競爭力,有望驅動量利齊升。給予公司2025年25xPE,對應6個月目標價454.25元/股,維持“買入-A”評級。
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