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《大行报告》中金升吉利(00175.HK)目标价至14元 指降准可刺激车市回暖
阿思达克 09-09 11:12

中金发表报告表,吉利(00175.HK)今年8月销售10.1万辆按年下滑19%,按月则增长11%,今年首八月累计销量84.4万辆,按年下滑17%,完成全年销量目标136万台中的62%。

该行指,吉利8月销量按年降幅收窄,「国五」清库透支影响仍未完全消化。公司8月销量按年降幅较前三月20%以上降幅有所收窄,但由於「国五」清库阶段需求透支影响还未完全消化,且受到基数较高影响,公司传统主力车型如远景SUV、GL、GS,以及领克01和02按年下滑超过40%。主要增量依旧来自缤越(11,061辆)与缤瑞(5,343辆)。

中金表示,对後市持谨慎态度,吉利产品调整仍需时间。从终端加库情况来看,公司在目前行业增长仍存不确定性的情况下,对後市持谨慎态度。但该行亦指公司新车型储备丰富,并逐步释放,在近期成都车展中,吉利博越PRO(9.88至15.6万人民币)与博越2020款正式上市,领克03+也已於8月上市。在人行降准等宏观释放的积极信号刺激下,预计车市需求会有所回暖,而在复苏阶段,认为吉利需加大营销力度,使消费者对博越PRO等具有竞争力的新品更加了解和认可,助力其产品力转化为销量,驱动吉利进入新一轮增长周期。

该行表示,维持对吉利「中性」评级,考虑到估值体系上移,上调对吉利目标价27%至14港元,此当於预测明年市盈率12.9倍。

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