《大行報告》花旗:吉利(00175.HK)中績符預期 現金流強勁
花旗發表研究報告指出,吉利(00175.HK)上半年純利15.5億元人民幣,按年跌35%,符合該行預期。在抵銷對管理層激勵(8.53億元人民幣支出)及純電動合資品牌「極氪」虧損的影響後,該行估計吉利上半年純利達28.5億元人民幣,按年僅跌5.8%,仍處防禦性的水平。
報告補充,雖然「極氪」上半年毛利率跌8.6%,很大程度上拖累吉利整體毛利率,但該行預期下半年「極氪」的每月銷量將有所上升。
此外,該行認為吉利上半年淨現金由2021年底的240億元人民幣,增加至350億元人民幣,期內現金流達54.5億元人民幣,保持強勁,相對於去年同期為4.59億元人民幣,而去年下半年為88億元人民幣。予其目標價24元,評級「買入」。
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