《大行》匯豐研究認爲比亞迪(01211.HK)優勢衆多 重申「買入」評級
匯豐環球研究報告指,儘管內地市場波動加劇,但認爲比亞迪(01211.HK)(002594.SZ)擁有衆多優勢,該車企也在2月推出「天眼」智能駕駛系統震撼市場。加上比亞迪在海外市場曝光度增加,該行重申對其「買入」評級,維持港股目標價151元及A股目標價430元人民幣不變。
該行表示,比亞迪在海外市場享有比國內更高的定價和利潤率,因爲競爭較少且其汽車品質與全球電動車產品相比具有優勢。比亞迪海外銷售額佔其2025年前五個月批發總額的21%,高於2024年的10%水平,而該品牌在海外市場並非以價格競爭,而是憑藉其品牌實力和產品質量。南美、東盟、歐洲和中東是比亞迪的重點市場,該車企現正加速其泰國工廠的建設,預計將於年底在巴西開始生產,並在匈牙利建設其歐洲工廠。
該行指,儘管近期內地監管機構推動縮短付款期,可能會對汽車製造商的現金週期管理造成壓力,而比亞迪槓桿比率相對較高,且現金比率低於同行,但該行認爲對比亞迪而言並非主要問題,因比亞迪擁有衆多優勢,包括強勁的銷量增長、高效的資本配置、供應鏈議價能力以及穩健的現金週期。此外,在最近的價格活動中,比亞迪的訂單量和銷售數據在6月至今表現強勁,預測該車企將通過更高的規模部分抵銷價格壓力,並得到海外市場更大盈利貢獻的支持。
該行認爲,內地車企價格緊張局勢可能在夏季淡季持續,但比亞迪憑藉其市場領導地位,處於比同行更有利的地位。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.