《大行》高盛降比亞迪(01211.HK)目標價至416元 「618」促銷影響或低於預期
高盛發表報告,認為比亞迪(01211.HK)「618」促銷的影響可能低於預期,因產品標題價格折扣已包含現有的政府和車企置換補貼。剔除現有政府補貼和車企補貼後,該行發現12款車型平均銷售價格為11.4萬元人民幣(不含增值稅和經銷商利潤),平均提供1萬人民幣的價格折扣,換言之折扣9%。
根據高盛的估計,這12款車型在2025年第一季度及2025年4月分別佔總銷量的45%和34%、收入的30%和23%,以及毛利的29%和22%。在此次促銷宣布前,該行假設比亞迪大眾市場車型在2025年預計將按年降價7%。考慮到這12款車型自5月25日至6月30日的額外9%降價,該行估計比亞迪的收入將減少26億元人民幣,這將直接影響其淨利潤,相當於2025年預計淨利的5%。高盛將比亞迪2025至2027年預計淨利潤下調3%至5%,目標價下調3%至416港元。
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