花旗:料中國品牌汽車銷量漸復升 首選吉利(0175.HK)及比亞迪(1211.HK)
花旗發表研究報告表示,中國大部分汽車品牌可能正進入銷量復升的轉折點,預計第二季內地乘用車零售銷售將會逐月改善,當中首選吉利汽車(0175.HK)和比亞迪(1211.HK),其次為長安汽車(000625.SZ)、華晨中國(1114.HK)、中升控股(0881.HK)及永達汽車(3669.HK)。
花旗稱,受惠於較小城市需求復升及市場佔有率的潛在提升,吉利4月份銷售相當理想,且優於市場預期,如果吉利於5月及6月的零售銷售均可保持按月增長態勢,預計其5月份的批發銷售按年增速將恢復到15%以上。一旦中國政府在未來2個月推出更多舉措刺激新能源汽車銷售,將利好吉利,目標價為16.7港元。
該行另一份報告亦指出,根據寶馬第一財季報告,華晨中國首季淨利潤遠超該行預期的逾100%,料受淨毛利改善等因素推動。而隨著全球供應鏈重啟,公司生產遭遇瓶頸的風險較低,加上中國將持續推出的汽車消費刺激舉措,更有利於豪車需求,因此維持華晨“買入”評級,目標價為7.9港元。
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