《大行报告》瑞信下调吉利(00175.HK)目标价至27元 评级「跑赢大市」
瑞信发表研究报告指,吉利(00175.HK)去年表现逊预期,纯利跌32%,主因销售跌3%及利润下跌所致。虽然下半年销售升11%,但纯利跌23%。
该行指,其毛利率於下半年按年跌1.7个百分点至15.3%,令人意外,公司指是因客户激励计划所致,可以理解为经销商提升零售价格折扣。因应利润逊预期,降2021至22年盈利预测23.8%至27%,并计入2023年预期,目标价由33元降至27元。
该行又指,吉利增设纯电汽车合营「极氪」,公司与母企分别持股51及49%,维持「跑赢大市」评级。
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