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《大行報告》中金升吉利(00175.HK)目標價至14元 指降準可刺激車市回暖
阿思達克 09-09 11:12

中金發表報告表,吉利(00175.HK)今年8月銷售10.1萬輛按年下滑19%,按月則增長11%,今年首八月累計銷量84.4萬輛,按年下滑17%,完成全年銷量目標136萬台中的62%。

該行指,吉利8月銷量按年降幅收窄,「國五」清庫透支影響仍未完全消化。公司8月銷量按年降幅較前三月20%以上降幅有所收窄,但由於「國五」清庫階段需求透支影響還未完全消化,且受到基數較高影響,公司傳統主力車型如遠景SUV、GL、GS,以及領克01和02按年下滑超過40%。主要增量依舊來自繽越(11,061輛)與繽瑞(5,343輛)。

中金表示,對後市持謹慎態度,吉利產品調整仍需時間。從終端加庫情況來看,公司在目前行業增長仍存不確定性的情況下,對後市持謹慎態度。但該行亦指公司新車型儲備豐富,並逐步釋放,在近期成都車展中,吉利博越PRO(9.88至15.6萬人民幣)與博越2020款正式上市,領克03+也已於8月上市。在人行降準等宏觀釋放的積極信號刺激下,預計車市需求會有所回暖,而在復蘇階段,認為吉利需加大營銷力度,使消費者對博越PRO等具有競爭力的新品更加了解和認可,助力其產品力轉化為銷量,驅動吉利進入新一輪增長周期。

該行表示,維持對吉利「中性」評級,考慮到估值體系上移,上調對吉利目標價27%至14港元,此當於預測明年市盈率12.9倍。

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