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《大行》中金料比亞迪(01211.HK)今年海外銷量或超指引 評級「跑贏行業」
阿思達克 08-05 11:11
中金研究報告指,比亞迪(01211.HK)(002594.SZ)7月銷量34.4萬輛,按年基本持平,1至7月累計249萬輛,按年升27%,實現較快增長;其中,海外累計銷量52.4萬輛,按年升1.24倍,主要得益於多區域市場深化佈局,以及海外品牌勢能逐步建立。7月方程豹及騰勢銷售分別為1.4萬及1.1萬輛,按年升6.7倍及10%,實現較快增長,主要受惠於方程豹鈦3、騰N9等新車。 海外市場方面,公司於2024年陸續引入多位曾在海外車企就任的高管,2024年底起開啟產品策略調整,引入多款插混車型;渠道方面,公司目標2025年底在歐洲建立500個銷售點,而截至2024年3月約為250個。據市場數據,比亞迪今年首5個月在歐洲新能源乘用車市場份額按年升2.8個百分點至4%,同期在東南亞多國市佔率達47%,按年升15個百分點;在南美主要市場市佔率保持在77%的高位。產能方面,除2024年已投產的泰國、烏茲別克斯坦工廠,後續將覆蓋南美、歐洲,深化本地化佈局。 該行認為,2025年公司海外銷量有望超額完成年初目標,亦看好公司在海外市場中長期的成長性;維持「跑贏行業」評級,維持A股及H股目標價不變,分別為161.3元人民幣及178港元。
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