【野村：比亚迪首财季出货量再超越收入增长 目标价491港元】金十数据4月28日讯，野村发表研报指，比亚迪股份(01211.HK)2025财年第一季出货量增长再次超越收入增长，显示因产品组合变化和按年价格下调导致平均售价下降。该行认为，市场内的激烈竞争态势持续，因此公司2025财年第一季毛利率为20.1%，按年下跌0.6个百分点。野村表示，比亚迪持续受益于其业务规模扩张，并留意到其销售与市场推广费用、行政费用及研发费用，分别按年增长16%、30%和34%，增长速度均低于收入增长。该行将比亚迪目标价定于491港元，给予“买入”评级。
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