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《大行报告》摩通下调吉利(00175.HK)评级至「中性」削目标价至12元
阿思达克 07-09 15:05

摩根大通发表研究报告,指吉利汽车(00175.HK)隔晚发出盈警,料上半年盈利跌约40%,市场即时反应是「先沽为敬」。该行忧虑其盈利逊预期或意味下半年市场及投资者潜在面对更大挑战,包括全年乘用车需求料按年跌约10%,较该行现预期跌5%更差。摩通下调吉利评级,由「增持」降至「中性」,目标价削约33%,由18元下调至12元。

报告指,在上述需求下滑情境下,新能源车及高端车板块属较佳选择,因此该行偏好比亚迪(01211.HK)、先导智能(300450.SZ)及中升控股(00881.HK)。

摩通表示,该行於3月时上调吉利评级至「增持」,憧憬今年下半年股价复苏。该股随後与整体内地汽车业走势相若。报告承认原先「增持」的假设不再成立,源於下半年行业展望放缓,即使吉利透过具竞争力的产品组合,料有力维持或扩大市占。

该行下调吉利今明两年盈测约30%,以反映今年上半年表现及明年市场预测。摩通补充,源於需求放缓,料未来一至两年内地乘用车市场将会「汰弱留强」,特别是低端车款。报告认为,吉利具竞争力的产品组合让其较同业更有能力面对行业逆风,但盈利能力受压;这意味其估值亦受到考验。

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