研報掘金丨申萬宏源:首予比亞迪股份“買入”評級,在產品性價比上領先同行
申萬宏源研究指出,智能化開啟電動車下半場競爭。頭部自主品牌的新能源車型,產品力和技術差距已經顯著縮小,同時隨着品牌和車型的豐富,需求開始分散,單一品牌的份額天花板也逐步臨近。在這一背景下,雖然比亞迪的技術並非絕對地領先,但只要比競爭對手早2 - 3個季度將研發成本等進行攤銷,就能有更好的經濟性,仍然可以合理假設其保持過往盈利能力不變。仍然看好比亞迪在傳統陣營中的先發優勢。隨着高速NOA,城市NOA 的逐步成熟,以及消費者對智駕能力邊界的逐步清晰,比亞迪有望繼續通過大規模工程化量產能力,在產品性價比上領先同行。頭部企業將進一步向前邁進,在未來的3年時間裏,全球化佈局讓我們有機會看到一箇中國的豐田。看好快速變革下仍能持續迭代能力的公司,可能走到這場大變局的終點。考慮到單車ASP增速放緩,出口拉動盈利等眾多因素疊加,首次覆蓋給予“買入”評級。
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