研報掘金丨國聯民生:比亞迪中長期盈利水平有望持續提升,維持“買入”評級
國聯民生證券研報指出,比亞迪5月實現新能源汽車銷量38.2萬輛,同比增長15.3%,環比增長0.6%。整體銷量持續向上,插混車型銷量略有承壓。高端品牌5 月共實現銷量2.9 萬輛,同比增長87.0%,銷量佔比為7.6%,同比提升3.0pct;其中方程豹品牌表現亮眼,5 月方程豹鈦3 銷量為5598 輛,環比增長83.7%,銷量持續兑現。海外市場厚積薄發,銷量持續走高。比亞迪技術進步帶動銷量增長飛輪持續演繹,“全民智駕”智能化戰略有望助力公司實現量價齊升。全球化進程加速,高端化受益智能化+大車型戰略,有望打開營收和利潤空間,中長期盈利水平有望持續提升。維持“買入”評級。
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