《大行》招商證券國際降比亞迪(01211.HK)目標價至145元 評級「增持」
招商證券國際發表研究報告指,比亞迪(01211.HK)上半年純利按年升13.8%至155億元人民幣,低於預期,收入按年升23.3%至3,713億元人民幣,低於預期,毛利率按年跌0.8個百分點至18%。該行指,上半年業績未達預期,主要是價格戰損害利潤率,高額研發支出損害利潤。
該行指,反內捲未阻斷比亞迪成長之路,公司海外拓展和高端化將成為新的成長動力。該行將比亞迪今年、明年及2027年收入預測分別下調24%、22%及24%,其目標價由170元下調至145元,其評級為「增持」。(ca/u)
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