大和:降吉利(0175.HK)目標至17港元 看好與富豪汽車合併發展
大和總研發表研究報告指,吉利汽車(0175.HK)正與同系姊妹公司富豪(volvo)汽車初步討論業務合併重組,是一項有吸引力的交易。不過,該行認為吉利近期的盈利會受武漢肺炎影響。該行重申其“買入”投資評級,目標價由19港元降至17港元。
大和表示,富豪汽車業務有盈利能力,認為吉利與其合併重組,能為吉利帶來2.7-34%的潛在每股盈利增長,相信合併透過成本及設備分享和科技發展合作,能長遠協同效應。不過,該行指受武漢肺炎影響,下調吉利2020-2021年度每股盈利9-13%,並下調其2020年毛利率,由19%下調至18.5%。雖然預期吉利2020年的銷量按年平穩,但由於其毛利率及EBIT利潤改善,料淨利潤按年增長20%。
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