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《大行報告》中金升長汽(02333.HK)目標價至25元 料新能源業務有較大增長空間
阿思達克 12-21 14:22
中金發表報告,指參加了長城汽車(02333.HK)的股東大會交流,認為公司7月以來A/H股價表現強勢,但公司在自動駕駛、數字化及新能源領域的儲備仍未得到市場的充分預期,這些預期差將逐步兌現到估值提升中。

該行表示,長汽第三季開始公司新產品周期拉開序幕,認為這僅是開始,公司逐步形成了底層模塊化平台加中層多種動力總成技術,及上層設計營銷能力的相對完善的體系,造車綜合能力不斷提升,能夠滿足面向未來的多樣化市場需求,逐步體現在新產品上。

中金又稱,基於SUV較難做純電化的情況,市場普遍認為公司新能源業務發展相對落後,但「歐拉」品牌近來旺銷,加之高端新能源品牌的布局,該行認為公司在新能源領域在未來幾年有望實現較大突破。

基於對新車型更樂觀的預期,中金上調長汽今明兩年淨利潤預測分別15.3%及5.8%,至53.17億元及95.19億元人民幣,預計公司新能源業務未來將有較大增長空間,將公司H股目標價上調35.1%至25元,評級維持「跑贏行業」。

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