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吉利汽車(00175.HK)公司跟蹤報告:家轎顛覆者星瑞上市,開啟架構降本新車週期,維持“優於大市”評級
格隆匯 11-06 14:59

機構:海通證券

評級:優於大市

家轎顛覆者“星瑞”正式上市。11 月 1 日,吉利家轎顛覆者星瑞正式上市,新車共 4 款配置,官方指導價 11.37-14.97 萬元。星瑞基於 CMA 超級母體高度靈活的“形體基因”和“帶寬”優勢,擁有 2800mm 軸距,1869mm 車身和 1618mm 輪距,全面超越市場中的同級產品,重新定義了 A 級家轎空間新標準。

智能方面搭載整車 OTA 雲端升級系統。星瑞搭載了整車 OTA 雲端升級系統,使其可以像電腦和手機系統一樣即時遠程升級,提升汽車數字智能化駕駛功能。同時,新車基於 CMA 超級母體的電子電氣架構,打造了一套高度完善的智能安全體系,配有 L2 級自動駕駛輔助技術、APA 全自動智能泊車系統帶自動剎停功能、上帝之眼 540°透明底盤等一系列豪華智能配置,重新定義了 A 級轎車智能配置規格新標準。

動力配置誠意十足,重新定義家轎動力標杆。星瑞搭載了沃爾沃 Drive-E 系列的 2.0TD 發動機,匹配 7DCT 濕式雙離合變速器,可輸出 140kW 功率和300N·m 扭矩,綜合油耗僅 6.7L/100km,完美平衡了動力性能和經濟油耗,重新定義家轎的動力標杆。另外,新車還採用了全球先進的“線控底盤”、麥弗遜前懸架、E 型多連桿獨立後車架、採埃孚 DP-EPS 轉向系統、全球頂級供應商意大利 ITT 剎車片、長行程減振器設計等,帶來極強的抓地力與極佳的彎道操控性,兼顧駕乘舒適性和運動駕控性。

“不比、不試、不賣”,展現公司對產品力的充分自信。10 月 11 日吉利星瑞“設計師推薦款”(13.77 萬元)正式開啟搶購,限量 3000 台,顛覆以往新車發佈方式,採取用户“必須試,必須比,才能買”的搶購步驟,體現了“中國家轎顛覆者”吉利星瑞對自身產品實力的充分自信。

盈利預測與投資建議。我們認為,基於 CMA 架構打造的吉利星瑞在智能屬性、動力配置、空間造型上具備強競爭力,開啟公司架構造車新階段,隨着星瑞的產銷爬坡,架構造車的降本紅利有望進入釋放期。預計公司 2020-2022年歸母淨利潤分別為 64.66/100.89/128.62 億元人民幣,EPS 分別為0.66/1.03/1.31 元人民幣。參考可比公司估值水平以及考慮到公司的成長性, 給予其 2021 年 20-23 倍 PE,對應合理價值區間 20.60-23.69 元人民幣/23.95-27.55 元港幣(匯率港幣比人民幣按 1:0.86 計算),對應 2.8-3.2 倍 PB,維持“優於大市”評級。

風險提示。公司新車型銷量不及預期;整體市場競爭激烈程度超預期。

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