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《大行報告》中銀國際引述吉利(00175.HK)料行業面臨電池漲價10至30% 指與寧德合營下半年投產可抵銷影響
中銀國際發表報告,吉利(00175.HK)管理層上周出席了該行所舉行的車企投資者會議,引述吉利管理層料今年乘用車市場銷售按年升11%,公司目標是爭取今年銷量升24%至165萬輛,吉利料旗下吉利品牌今年銷量目標112萬輛、料領克品牌今年銷量目標30萬輛、吉利幾何(Geometry)今年銷量目標16萬輛、估計極氪(ZEEKR)品牌今年銷量目標7萬輛。 該行,吉利管理層計新能源汽車銷售佔比將超過20%,搭載雷神Hi-X系統的車型佔比9%。 就電動車電池價格上漲對吉利的影響,據吉利管理層稱,公司已收到有關電動汽車電池商寧德時代(300750.SZ)、國軒高科(002074.SZ)及欣旺達(300207.SZ)等供應商漲價的通知,吉利管理層聲稱整個行業或上漲10%至30%,而吉利將低於行業平均水平。為應對價格上漲,吉利將加快建立與寧德時代的合資企業,預計將於年下半年晚些時候開始生產。在另一方面,吉利將採取減少終端折扣、推更多高端版本來抵銷成本上漲,以提高廠商指導價格。 中銀國際預計吉利的產品平均售價將在今年呈上升趨勢,因為「中國星」系列及領克品牌等高價車型銷量佔比提升,該行料吉利2022年的重心在於擴大電動汽車銷量,這可能體現在吉利幾何品牌和極氪品牌之上。考慮到電動汽車電池成本上升,新能源車型佔比越來越高,料吉利今年淨利潤率仍可能面臨下行壓力。該行維持對吉利「持有」投資評級。
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