报告中称，由于上调比亚迪销量预测4%至7%，及反映管理层今年全年最新销售指引，上调公司2024至26年每股盈利预测7%至11%。另上调公司目标价，反映2025年预测市盈率20倍，相较现时明年预测市盈率13倍，认为属吸引。Yamato estimates BYD's gross profit margin of 20% in the second half of the year, which is better than 19% in the second quarter.
The Zhitong Finance App learned that Yamato released a research report stating that it raised the target price of BYD shares (01211) H shares by 7% from HK$351 to HK$376, maintaining the “buy” rating.
Yamato pointed out that BYD raised its annual sales target to 4 million cars, and also had a positive view on sales volume and gross margin in the second half of the year; the overseas sales target remained the same throughout the year. The bank also believes that since the third quarter of this year, it is believed that the company's new hybrid car models will have a higher average sales price, which will help the gross margin rise faster. The bank estimates a gross profit margin of 20% for the second half of the year, which is better than 19% for the second quarter.
According to the report, due to an increase in BYD's sales forecast of 4% to 7% and reflecting the management's latest sales guidelines for this year, the company's profit forecast per share for 2024-26 was raised by 7% to 11%. Also, the company's target price was raised to reflect the projected price-earnings ratio of 20 times in 2025. Compared with the current projected price-earnings ratio of 13 times next year, I think it is attractive.
