国泰君安升吉利(00175.HK)目标价至22.65元 料CMA架构可令销量展新一轮增长
国泰君安发表报告表示,吉利(00175.HK)与沃尔沃的二次深度协同效果开始显现,通过CMA(Compact Modular Architecture;中级车基础模块架构)等架构的打造全方位的提升公司造车能力,借助4.0架构造车开启成长新时代,该行料吉利2020年至2022年每股盈利为0.81、1.19及1.51港元,参考可比公司给予公司2022年市盈率15倍,决定上调对吉利目标价至22.65港元。
该行指,在新需求时代,吉利凭借不逊於合资的造车水平、更加针对本土化的市场战略,以及先进的智能化水平开启4.0架构造车时代。公司对沃尔沃的深度内化成果陆续落地,以CMA架构、智擎发动机为代表的技术使公司具备了品牌向上的基础,叠加公司对中国市场的深入了解以及智能化网联化领域的优势,公司开启4.0架构造车时代。
国泰君安表示,CMA架构下的新车型开始上市,公司销量有望加速增长,单车净利将进一步提升。 2018-2019年是公司3代精品车的生命周期末期,而随着以CMA架构为主体的4.0车型在2020年底步入释放期,公司销量有望开始新一轮快速增长,同时更高的单车售价叠加CMA架构更强的规模效应,公司的单车净利也将进一步提升。(wl/u)
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