《大行報告》大和上調吉利(00175.HK)目標價至28元 評級「持有」
大和發表研究報告,指計入「極氪」品牌,吉利汽車(00175.HK)至2025年銷售目標為365萬輛;撇除「極氪」品牌,至2025年新能源車銷售目標為90萬輛,相當於總銷量30%,而計入「極氪」,至2025年新能源車目標銷量佔比達40%。該行形容吉利目標進取,但市場仍觀望其付運能力是否到位;對其銷量展望看法審慎。
該行指出,理解幾何、極氪,以及其他新的電動車品牌將針對純電動車(BEV)生產,意味插電式混合動力車(PHEV)銷售目標為40萬輛,估算相當於新能源車總銷售目標26%。吉利旗下混能車銷售將可受惠其GSH 2.0系統,未來12個月,公司將推出多個混能車車款,包括領克01、05及09,以及吉利星越系列。
該行補充,其母企吉利控股旗下Siengine研發出7nm汽車SoC芯片,料在2022年獲產品認證後可量產。在2024至2025年,吉利計劃進一步開發5nm芯片,運算能力達256 TOPS。報告認為如果沒有面對生產障礙,吉利開發芯片能力令市場印象深刻。
大和維持予吉利「持有」評級,目標價由24元升至28元。
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