海通證券：看好吉利(0175.HK)與沃爾沃強強聯合 維持“優於大市”評級
海通證券發佈研究報告，稱吉利(0175.HK)和沃爾沃強強聯合，未來有望在技術研發、成本控制和財務上更加有效協同，雙方重組將有利於沃爾沃進一步打開中國市場，也有利於助推吉利實現品牌向上。
海通證券預計公司2019-2021年歸母淨利潤分別為92.86/114.03/129.71億元人民幣，EPS分別為 1.01/1.24/1.41元人民幣。參考可比公司估值水平以及考慮到公司的成長性，給予其2020年13-15倍PE，對應合理價值區間16.12-18.60元人民幣/18.11-20.90元港元(匯率港元比人民幣按1:0.89計算)，維持“優於大市”評級。
2月13日吉利汽車公佈了2020年1月銷量數據，1月實現銷量11.18萬台，同比-29%，環比-14%。其中，帝豪/博越/帝豪GS/繽越分別實現銷量2.2/2.3/1.1/1.0萬台，領克品牌實現銷量0.9萬台，領克03銷量突破5千台，同比+17%。在公共衞生安全事件的影響下，1月經銷商在中國市場的終端銷量仍顯著增長，1月市佔率創歷史新高。
2月10日吉利汽車發佈公告稱公司管理層正與沃爾沃汽車籌劃將雙方的業務整合，從而組建一個更強大的全球汽車集團。通過業務重組，雙方將更具規模優勢，並擁有更強的專業能力和資源來持續引領行業變革;同時整合後的新集團將繼續保持旗下沃爾沃汽車、吉利汽車、領克汽車、極星等品牌的獨特定位。重組後的新業務集團將通過香港吉利汽車上市主體來實現與全球資本市場的對接，下一步還將考慮在斯德哥爾摩上市。
報告指出，沃爾沃汽車突破70萬銷量大關，財務表現強勁。在銷量增長方面，2019年沃爾沃汽車實現銷量70.5萬台，首次突破70萬銷量大關，相較2009年的33.5萬台銷量實現翻倍;其中，中國大陸銷量達15.5萬台，同比+18.9%，遠大於乘用車行業負增速。在財務表現方面，2019年沃爾沃汽車營收達2741億瑞典克朗(參考匯率：1瑞典克朗=0.73人民幣)，同比+8.5%;營業利潤143億瑞典克朗，同比+0.8%;現金流量達116億瑞典克朗，同比增長超一倍。
海通證券認為，隨着中國等主要汽車產銷大國增速放緩，以及汽車新四化轉型成為大勢所趨，全球車企將傾向於報團取暖，謀求成本共擔、收益同享，汽車行業加速整合是大趨勢。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
