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國泰君安:予吉利(0175.HK)“買入”評級 目標價28.16港元
格隆匯 06-28 17:40

國泰君安發表研究報吿指,吉利汽車(0175.HK)股價調整已消化了撤回科創板上市計劃的消息,而撤回上市將避免每股收益的顯著稀釋,並將在短期內有正面的影響。該行予吉利汽車“買入”評級,目標價28.16港元。

該行認為,吉利汽車撤回科創板上市計劃,不會對集團的財務狀況或經營造成任何重大不利影響,因為公司的財務狀況非常穩健。截至去年12月底止,集團擁有190億元(人民幣,下同)的現金及現金等價物,過往也是淨現金的狀態。該行預計它將在2021至2023年保持淨現金。此外,公司的銀行借款非常低,僅佔總資本約5.7%,該行認為公司在需要時有巨大的借款能力。

報吿又指,過去四年,公司每年資本支出約70億元。鑑於該行預計未來三年吉利汽車的利潤將增長,認為公司將繼續能夠運用自有資金滿足期其資本支出。海外市場方面,公司於2019年12月通過新加坡交易所發行了5億美元的永續債,因此該行相信公司亦將能夠在海外市場進行資本補充。

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