智通财经APP获悉，花旗发布研报称，维持比亚迪股份(01211)“买入”评级，H股目标价688港元。比亚迪在港配售近1.3亿股，预计造成约4.1%的股份稀释，预计所得资金将主要用于支持海外扩张、研发、补充营运资金以及一般企业用途。花旗预测比亚迪2025至2027年各年海外资产回报率达16.2%、22.5%及28.7%。
花旗认为，比亚迪此次股权融资带来正面影响，因为公司虽在国内拥有大量自由现金流和净现金，但将资金兑换成境外货币既不灵活且成本高昂，通过在港配售筹措境外资金是具灵活性的做法。该行还表示，比亚迪有能力在人工智能及机器人发展早期阶段“烧钱”，同时也可开展大规模海外扩张，继续与吉利汽车(00175)并列行业首选。
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