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《大行報告》高盛:比亞迪(01211.HK)及小鵬(09868.HK)為行業首選 首予「買入」評級
高盛發表研究報告指出,預期在電動車領先技術和產品能力的推動下,2022至2030年中國汽車原始設備製造商(OEM)海外銷量將由270萬輛增至850萬輛,料今年海外銷量按年增長61%至430萬輛,較市場預期高出7%。 此外,該行提及Tesla(TSLA.US)於今年1月率先降價,至今已對Model 3及Model Y降價各13%及9%。該行估計投資者將關注車廠進一步的定價壓力,基於對新能源車的價格及銷量變化分析,料在基本情景下,比亞迪(01211.HK)明年營運利潤的潛在影響範圍介乎跌19%至升22%,而小鵬(09868.HK)則為跌46%至升39%。 該行認為,隨著新能源車採用更多科技產品特性,市場競爭可能會由短期的續航里程、安全性及成本,發展至中期的智能座艙及高級駕駛輔助系統,以及長期的品牌及分銷。行業中,該行首選比亞迪及小鵬,首次給予「買入」評級,認為比亞迪海外擴張及品牌高端化可帶來更高的股本回報,另看好小鵬新車可支持公司收入與毛利增長。 高盛對汽車股最新評級及目標價表列如下: 股份|評級|目標價(港元) 比亞迪(01211.HK)|買入|337元 小鵬(09868.HK)|買入|70元 廣汽(02238.HK)|中性|4.8元
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