《大行報告》花旗料吉利可獲市場重估升目標價至30元 上調比亞迪目標價至109.2元
花旗發表報告表示,估計中國乘用車零售銷售於今年第三季可按年回升11.2%(至501.2萬輛),料第四季回升10.1%(至631.9萬輛),料今年乘用車零售銷售按年跌7.8%至1,883萬輛,並估計明年可回升12.8%至2,124萬輛,重申對今年下半年至明年行業正面的看法。
該行指,基於全球電動車的需求趨勢,重申在行業首選吉利汽車(00175.HK),維持對其「買入」投資評級,上調目標價由20元升至30元,潛在升幅139%,料公司將可獲市場明顯重估,指Volvo與Google母企Alphabet自動駕駛業務Waymo的全新純電車平台所製造Level 4駕駛標準,相信在內地銷售前景強勁,上調對領克明年純利預測至33億人民幣(料2021年至2023年純利複合增長率達55%);第二是料吉利與Volvo進一步整合,可降低吉利汽車2021年至2023年銷貨成本及每年研發成本約24億至42億人民幣,從而提振純利;料受惠第三季及第四季內地乘用車市場銷售增長等。
花旗表示,重申對比亞迪(02122.HK)「買入」評級,上調對其目標價由92.2元升至109.2元,可受惠其新能源電池業務,估計公司明年可向外部客人出售新能源電池,料可取得包括美國、中國及歐洲市場份額約4.5%,料至2025年可提升至7%。該行料中國純電動車於今年下半年銷售可按年升32%,料2021年及2022年可按年各升42%及51%。
此外,該行上調對耐世特(01316.HK)評級,由「中性」升至「買入」,料公司明年呈復甦,調高對其目標價由7元升至8.1元。
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