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大和:吉利(0175.HK)今年盈利或穩健回升 降目標至16港元
格隆匯 03-31 13:16

大和總研發表研究報告指,吉利汽車(0175.HK)去年業績略優於預期,預計其毛利率回升的支持下,今年盈利或穩健回升。該行維持其“買入”評級,目標價由17港元下調至16港元。

大和指,管理層在今年計劃推出6款新產品的支持下,將其全年銷售目標分別維持在141萬輛,按年增長4%。鑑於新冠肺炎對今年首兩個月銷售的影響超出預期,該行維持今年銷量持平的預測。該行續指,在短期內,海外零件的供應可能會面臨風險,加上疫情的不確定性,管理層預計其海外供應商的零件供應將在5月份面臨風險,但預計4月份將受到控制。

大和又指,將2020-21年純利預測下調6-7%,以及將其2020-21年毛利率預測從18.5-19.5%下調至18-19%,原因是去年毛利率低於預期。該行續指,鑑於排放標準過渡的影響逐漸減弱,預計今年毛利率將有所改善,預計吉利在毛利率提高的支持下,在今年實現穩健的盈利按年增長9%。

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