《大行》花旗料比亚迪第三季纯利介乎50亿至62亿人币 评级“买入”

AASTOCKS
Oct 09, 2025

花旗发表研报指,注意到比亚迪(01211.HK)9月绝对库存和相对库存指标按月下降,预计比亚迪在2026年上半年推出新产品前,将维持持续的去库存策略,至2026年3月底前,库存水平降至约一个月水平(按年下降50%)。短期来看,花旗仍看好汽车产业在10月底前的贝塔系数。中期来看,如果比亚迪在2026年第一季的出口结构进一步按季/按年显著改善,那么“去库存”后的比亚迪,可能凭借其相对防御性的利润率趋势...

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