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《大行》瑞銀:比亞迪(01211.HK)處觸底反彈拐點 重申「買入」看160元
瑞銀髮表報告指,自從三週前比亞迪(01211.HK)第二季業績盈利遜預期以來,投資者普遍存在看跌情緒。典型的憂慮包括市場份額被小型電動車製造商搶走、固定成本高昂導致利潤受壓等。相比之下,電池股表現良好,尤其寧德時代(300750.SZ)在過去一個月內上漲26%。 報告指,由於比亞迪本身是全球第二大EV/ESS電池製造商,其電池業務的對外銷量不斷增加,因此相信比亞迪的股價現正處於觸底反彈的拐點。該行重申比亞迪「買入」評級,目標價160元。 除估值因素外,還有一些因素會觸發比亞迪的重新評級。瑞銀預計,隨着公司成本結構調整,並受益於9月以來的旺季,比亞迪第三季和第四季的單車淨利將從第二季的低谷中回升。對於2026年,得益於海外工廠的開業、分銷網絡的擴張及品牌知名度的提升,海外銷售預計將進一步實現高兩位數增長。如果海外銷量增加50萬輛,可能帶來100億元人民幣的增量利潤貢獻。
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