You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》花旗:比亞迪(01211.HK)淡季前控制庫存風險屬理性
阿思達克 06-26 14:03
花旗發表報告指,根據《路透》報道,比亞迪(01211.HK)可能在近期汽車銷售淡季月份通過減少生產班次和推遲產能擴張,以放緩生產速度。該行的基準情景敏感性分析顯示,比亞迪6月底經銷商庫存應回落至1.66個月(5月爲2.18個月),零售量34.8萬輛,出口8.9萬輛,總批發量40.2萬輛。 爲維持2025財年批發量固定在550萬輛,假設國內零售和出口變量不同水平,該行的基準/牛市情景分析顯示,2025年底庫存應分別約爲1.3/0.55個月;在「熊市」情景分析下,若無風險控制,12月底庫存可能超標至3.1個月。若比亞迪大幅削減批發量至466萬至503萬輛(市場共識基準情景爲550萬輛),則庫存可能爲1.11至2個月。該行認爲比亞迪在夏季淡季前的庫存風險控制是理性的,而決定行業貝塔值及比亞迪補庫和去庫策略的關鍵因素將是7月及8月的新車訂單趨勢。評級「買入」,目標價233元。
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.
uSMART
Wealth Growth Made Easy
Open Account