大行評級丨瑞銀:預期車企價格戰會持續 對比亞迪持結構性正面看法
瑞銀髮表研究報吿指,比亞迪日前公佈降價,經該行查證,估算實際平均只有3000元的折扣,認為對利潤的影響是可控的,基於持續的供應鏈成本優化、技術創新及規模經濟。集團的海外業務貢獻亦可為國內市場的競爭提供“彈藥”,料2025年單位盈利將有輕微增長。該行對比亞迪持結構性正面看法,目標價540港元及評級“買入”。該行認為價格戰會持續,因車企的邊際成本下降、行業碎片化,以及有資本市場、地方政府和供應鏈的資金支持。長遠而言,該行預期價格戰會促使國內車企維持高效率及創新,並於海外市場取得更高利潤,從而支持國內的價格競爭。
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