《大行報告》摩通上調長汽(02333.HK)目標價 首選比亞迪(01211.HK)
摩根大通發表研究報告指,中國汽車生產商部分已公布第三季業績,該行覆蓋的 6家車企中,北京汽車(01958.HK)、長城汽車(02333.HK)、廣汽集團(02238.HK)表現未達預期,上汽集團(600104.SH)符合預期,而比亞迪(01211.HK)及長安汽車(000625.SZ)則超出預期。
該行認為,部分車企業績未達預期主要是由於芯片短缺導致供應中斷,管理層普遍預期情況未來將逐步改善。摩通亦認同,相關汽車行業生產活動將於年底有所恢復,未來車企要突圍,將要在新能源汽車銷售、原材料價格控制、新產能或新技術研發投資上努力。在此基礎上,摩通較看好比亞迪,其次為長城汽車、小鵬(09868.HK)、吉利汽車(00175.HK)及蔚來(NIO.US),預期小鵬及蔚來都可能面臨一定程度的利潤率壓力,關注管理層對第四季交付量的指引。
該行將長汽目標價由40元上調至45元,北汽目標價降至2.7元,評級分別為「增持」及「中性」;廣汽目標價7.9元,評級「中性」。
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