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富瑞:看好傳統車企 首選吉利汽車(0175.HK)及廣汽集團(2238.HK)
格隆匯 01-13 17:22

富瑞發佈報告稱,行業數據確認汽車行業去庫存即將結束,雖然今年農曆新年較早,但去年12月去庫存的情況温和。該行預計,2019至2021年乘用車及新能源車零售增長的複合年均增長率分別為4%及30%,主要由於汽車融資的蓬勃發展、農村發展及共享出行的大宗購買,而2020年的盈利增長動力來自營經槓桿。該行表示,看好傳統車企,首選為吉利汽車(0175.HK)及廣汽集團(2238.HK)

該行稱,行業數據顯示,去年零售、批發及生產量分別同比跌7.4%、9.3%及9.5%,已經觸底,估計2019至2021年零售需求以4%複合年增長率復甦。與去年不同,車企今年年初對全年的展望較為保守,風險偏向上行而不是下行。

該行還稱,其他車企同樣予“買入”評級,分別包括北京汽車(1958.HK)、華晨中國(1114.HK)及東風集團(0489.HK),另有上游供應商敏實集團(0425.HK)及下游經銷商美東汽車(1268.HK)。

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