大和:升比亚迪(1211.HK)评级至买入 目标价上调至94港元
大和发表研究报告指,比亚迪(1211.HK)第三季纯利指引较该行预期低,相信第四季“汉”销量将急升及明年首季推出的具有刀片电池的纯电动车将引发公司重估,同时IGBT业务价值有望于明年释放,因此将公司评级由持有,上调至买入,目标价由69港元大升至94港元。
大和指,比亚迪的“汉”已取得客户订单约3万辆,管理层今年销量目标是达3万辆或以上。该行对公司新能源汽车销量持乐观态度,原因是下半年“汉”的需求优于预期及明年将有新电动车及混合动力车型上市,故将其2020至22年新能源车销量上调4至17%。
大和又指,比亚迪预期于明年分拆IGBT业务,估计其市值将达570亿元人民币或每股21元人民币。不过,考虑到第三季业绩指引,故下调公司今年每股盈利预测6%,但上调2021至22年每股盈测4%至14%,以反映更高的新能源车销量预测及其关键美国客户苹果公司产能扩张,而令公司手机业务有更好的增长。

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