《大行報告》摩通下調吉利(00175.HK)目標價至46元 評級「增持」
摩根大通發表的研究報告指,吉利汽車(00175.HK)業績遜市場預期,不過就符合該行預測,而新車款及平台亦在去年下半年開始盈利,認為市場忽略了相關因素,該行相信公司兩大舉措將帶動長遠盈利勢頭及股價表現,其中一個舉措是公司將推五款新車,該行估計2021/22年銷量將升18%及19%,而到2022年盈利則倍增至110億元人民幣,而另一舉措就是公司將分拆新能源車,同時亦有機會上市,而公司首款智能電動車將於4月下旬上海車展中發布。
該行認為公司去年收入跌5%,主要因為受疫情影響銷量下降,毛利率及經營利潤率分別收窄137個基點及328個基點,主要因為經營去槓桿及去年下半年平台相關開支較高,該行重申對吉利「增持」評級,目標價由50元降至46元。在汽車代工品牌中,摩通喜好吉利、長汽(02333.HK)、蔚來(NIO.US)及小鵬汽車(XPEV.US)。
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