大行评级|花旗:比亚迪配售H股筹措境外资金影响正面 予其“买入”评级并续列行业首选

格隆汇
04 Mar

花旗发表研究报告指,比亚迪在港配售近1.3亿股,预料造成约4.1%的股份稀释,预计所得资金将用于比亚迪主要会将融资所得用于支持海外扩张、研发、补充营运资金以及一般企业用途。花旗指,比亚迪今次股权融资预料带来正面影响,主因是该公司虽然在国内拥有大量自由现金流和净现金,但要将资金兑换成境外货币既不灵活,成本亦高昂,因此通过在港配售筹措境外资金是具灵活性的做法,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%。

花旗指,比亚迪有能力在人工智能及机械人发展早期阶段“烧钱”,同时亦可开展大规模海外扩张,评级“买入”,H股目标价688港元,继续与吉利汽车并列行业首选。

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