大和:吉利汽車(0175.HK)中期業績遜預期 微降目標價至16.4港元
大和發表研究報告稱,吉利汽車(0175.HK)中期業績遜於預期,惟料銷量及利潤在下半年可穩健復甦,維持其“持有”評級,但將目標價由17港元略降至16.4港元。
大和指,吉汽管理層預期在銷售組合改善及較高銷售帶動下,下半年均價及毛利率均勝於上半年。該行相信,豪越新車型及ICON等新車在下半年將貢獻較高銷量,然而,該行將公司今年毛利率預測由18%,下調至17.5%,但預期下半年毛利率將由上半年的17.1%升至17.8%。
大和續指,吉汽下調全年銷售目標至132萬輛,意味着下半年銷量將按年升11%;隨着今年推出6款新車,以及5月至7月銷量按年升15%至21%的強勁復甦下,相信下半年銷量可完成11%的增長。此外,吉汽計劃明年推出5款新車,包括2款純電動車及3款傳統的內燃機汽車。
該行表示,吉汽預期A股科創板的上市申請將可未來幾個月內完成,相信其A股定價將有正面因素。另外,大和亦下調吉汽2020年至2022年每股盈利預測3%至11%,以反映新的銷售指引及上半年業績表現。
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