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國泰君安升吉利(00175.HK)目標價至22.65元 料CMA架構可令銷量展新一輪增長
阿思達克 11-04 11:15
國泰君安發表報告表示,吉利(00175.HK)與沃爾沃的二次深度協同效果開始顯現,通過CMA(Compact Modular Architecture;中級車基礎模塊架構)等架構的打造全方位的提升公司造車能力,借助4.0架構造車開啟成長新時代,該行料吉利2020年至2022年每股盈利為0.81、1.19及1.51港元,參考可比公司給予公司2022年市盈率15倍,決定上調對吉利目標價至22.65港元。

該行指,在新需求時代,吉利憑借不遜於合資的造車水平、更加針對本土化的市場戰略,以及先進的智能化水平開啟4.0架構造車時代。公司對沃爾沃的深度內化成果陸續落地,以CMA架構、智擎發動機為代表的技術使公司具備了品牌向上的基礎,疊加公司對中國市場的深入了解以及智能化網聯化領域的優勢,公司開啟4.0架構造車時代。

國泰君安表示,CMA架構下的新車型開始上市,公司銷量有望加速增長,單車淨利將進一步提升。 2018-2019年是公司3代精品車的生命周期末期,而隨著以CMA架構為主體的4.0車型在2020年底步入釋放期,公司銷量有望開始新一輪快速增長,同時更高的單車售價疊加CMA架構更強的規模效應,公司的單車淨利也將進一步提升。(wl/u)

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