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《大行》里昂:比亞迪(01211.HK)指最壞時期已過 重申「高度確信跑贏大市」評級
阿思達克 09-17 10:47
里昂研究報告指,比亞迪(01211.HK)將次季遜於預期的表現,歸因於市場競爭激烈、高成本及爲經銷商提供返利政策,導致單車利潤下滑。集團同時透露下半年將推出新車型與改款計劃,將於成都車展發佈「鈦金7(Titanium)」系列,並以原價爲現有大衆市場車型升級配置。 隨着價格因車輛功能強化而漸趨穩定,加上競爭對手的新產品週期逐步結束,集團有信心未來市場將有利方向發展。該行重申對比亞迪H股與A股(002594.SZ)的「高度確信跑贏大市」評級,目標價分別爲140港元及140元人民幣,相當於預測明年市盈率19倍,因內地電動車市場競爭格局正趨向精細化。 里昂指比亞迪今年第二季毛利率降至16%(對比今年首季20%),估計今年第三季毛利率可回升至22%,料第三季純利93.63億人民幣按年跌19.3%(但按季升47.3%)。
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