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潛力 | 半年淨利降4成,吉利跑不動了?分析師不這麼看
uSMART友信智投 08-18 16:40

uSMART友信智投8月18日消息,吉利汽車於13日公佈了上半年業績。

上半年實現營收368.2億元人民幣,同比下滑23%;實現淨利潤22.97億元人民幣,同比下滑43%。

此外,基於市場復蘇速度比預期要慢,吉利汽車在半年業績報中表示,將2020年的全年銷量目標從141萬輛下調至132萬輛,降幅約6%。

吉利汽車於13日午間發佈財報,午後開市即股價跳水,全天收跌6.35%。大幅下降的業績,全年銷售指引下調,吉利汽車真的跑不動了嗎?

大行分析師們不這樣看。

近一個月,至少有四家大行研究員上調了吉利汽車的目標價,其中野村和瑞銀這兩家還是在財報公佈後才發的評價,撐場意味濃厚。

瑞銀維持吉利汽車的”買入“評級,並將其目標價從15港元上調至18.5港元。瑞銀表示,在內地汽車市場加快整固下,吉利汽車的新產品推出將利於其增加市佔率。市場對該公司計畫於科創板上市反應正面,其財務成本有望下降。

另外,瑞銀還上調吉利汽車2021至2022年度盈利預測2%-6%。

野村日前將吉利汽車目標價由13.74港元上調至19.55港元,評級維持“買入”。

野村發表的研究報告表示,吉利汽車上半年淨利潤下跌43%,符合市場預期,銷售量下跌19%,毛利率由17.8%降至17.1%,主要受到首季利用率下降的影響。野村指出,公司目前調低全年銷售目標6%至132萬架,同比減少3%,市場雖然對此產生負面反映,但野村認為此前目標並沒有考慮公共衛生事件的因素影響,所以公司以上調整在正常範圍內。新目標反映公司下半年銷售增長為12%。

野村表示,17.1%的毛利率屬穩健表現,隨著公司下半年新車型的推出,預計毛利率可以實現恢復(預測全年達17.5%),目前野村維持對公司今年淨利潤預期大致不變,目標價由13.74港元升至19.55港元,評級為“買入”。

在更早時的8月10日,美銀美林將吉利汽車的目標價由14.2港元升至22.3港元,重申“買入”評級。

美銀美林認為,吉利汽車通過其CMA平台技術可加快產品發佈,這一優勢能夠使公司更快取得市場份額,加上公司旗下富豪與Waymo展開合作,這將加快公司先進駕駛輔助系統(ADAS)技術結合硬體的技術進程。

美銀美林指出,考慮到今年上半年市場銷量的趨勢,目前下調全年銷量及淨利預測,並將2021至2022年盈利預測調高4%及3%,目標價由14.2港元升至22.3港元。

7月20日,瑞信將吉利汽車目標價由17港元上調至18.5港元,維持其“跑贏大市”評級。

瑞信表示,吉利於7月份的頭兩周批發日均銷量同比增長69%,增速顯著較5月份及6月份有所加快,因此瑞信認為7月份公司將有雙位數的業績增長。將公司2020-22年盈利預測升0.5-1.2%,目標價由17港元升至18.5港元。

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