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1、CompanyReport:BYDCompanyLtd.(01211HK)HarryChen陈欢瑜公司报告：比亚迪股份有限公司(01211HK)+8675523976683chenhuanyu@gtjas.com国泰君安研究6November2011ProfitabilityRecoveredGradually,Upgradeto“Neutral”盈利能力逐渐恢复，上调至“中性”GTJAResearchòThe3Q11earningslowerthanexpected.The3Q11EPSofBYDw
2、asRating:NeutralRMB0.033,up558%YoY.The1-3QEPSonlyaccountedfor33%oftheUpgradedmarketestimateand49%ofourestimates,belowourandmarketestimates.Therevenueof3Q11increased11%YoYmainlyduetotheimprovementof评级：中性(上调)autosalesandhandsetcomponentssales.Thebatteryse
3、gmentofBYDcontinuedtofacethechallengefromthedownturnofthesolarbatterysales.6-18mTP目标价:HK$13.00Revisedfrom原目标价:HK$11.50òProfitabilityrecoveredgradually.Sincerecoveryofautosalesandhandsetcomponentssalesimprovedtheutilizationrate,thegrossprofitmarginofBYDS
4、hareprice股价：HK$18.960increased0.2ppsto16%.Inaddition,thelayoffthesalesstaffhelpedBYDtocuttheoperatingcostrapidlywhichimprovetheoperatingprofitby68%YoY.StockperformanceHowever,thefinancecostincreasedrapidlyat88%YoYwhichismuchhigher股价表现thanourestimates.Th
5、erefore,wereviseuptheestimatesofthefinancecostfor2011-2013.Asareresult,theEPSof2011-2013wasreviseddownby26,00050.0026%,11%and15%.25,00045.0024,000òUpgradeto“Neutral”duetotheimprovementinautosales.BYDis40.0023,000currentlytradingat67x11PE,37x12PE,2.6x11P
6、Band3.2x12PB.Based35.0022,000onthecomparisonwithglobalpeersaveragewhichiscalculatedbyweighted21,00030.00HK$averagevaluation,webelievethatBYDisoverpriced.However,sincewe20,00025.00believethattheautosalesofBYDareexpectedtorecoveryslowly,we19,00020.00upgra
7、deBYD’sratingto“Neutral”,revisingupTPtoHKD13.00,representing18,00015.0017,00046.0x11PE,25.6x12PE,1.8x11PBand2.2x12PB.16,00010.00Dec-10Feb-11Apr-11Jun-11Aug-11Oct-11HSIBYDò3Q11盈利逊于预期。公司11年3季度的EPS为0.033元，同比增加558%。前3个季度的EPS占市场预测的33%和我们预测49%，逊于我们和市场的预测。公司的汽
8、车和手机部件的销售有所改善，使营业收入同比增加11%。但是公司的电池业务仍受到太阳能电池需求下滑的拖累。ChangeinSharePrice1M3M1Y股价变动1个月3个月1年BYDCompanyLtd.(01211HK)Abs.%ò盈利能力逐步恢复。汽车和手机部件销售的提高使产能利用率有所提高，公司的毛利率同绝对变动%56.2(18.6)(60.8)比增加0.2个百分点到16%。而且，公司大幅裁减销售部门人员后，节省了不少经营成本，Rel.%toHSi
