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花旗:上調吉利(0175.HK)目標價至19.9港元 評級“買入”
格隆匯 11-25 11:45
花旗發表的研究報告指,吉利汽車(0175.HK) 零售銷售復甦情況快過預期,而根據其渠道調查顯示,11月份吉利零售銷售增長逾10%(市場預期按年持平),當中單是領克品牌銷售增長已有15-20%的按年增長。而根據Thinkercar數據顯示,11月上半月吉利的批發銷售已升逾25%,勢頭較零售銷售更為強勁。全國乘聯會的數據亦顯示,11月第二星期行業零售銷售亦改善至按年跌6%,跌幅較首周的20%大為收窄。
另外,花旗調查亦顯示吉利的折扣水平有所改善。該行將公司2020/21年銷量預測提升至175萬及199萬台,當中吉利自家品牌銷量預測維持不變,而領克的銷量預測則升至21.8萬台及29.9萬台。
該行預計公司自家品牌的利潤率將稍為提高,領克亦有相同情況,相信將改善公司2020-21年淨利至130億元人民幣及146億元人民幣。該行將公司目標價由16.9港元升至19.9港元,評級“ 買入 ”。

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