《大行報告》美銀證券:長汽(02333.HK)11月乘用車保險註冊數據領先同業 屬行業看好股份
美銀證券發表的研究報告指,反映乘用車銷售的上險數字反映11月銷售按年增長11%,不過上險數字低於乘用車批發數字,考慮到兩者的差異,該行估計渠道庫存11月份升約26萬輛,調整出口量後,估計大部分省份及城市如江蘇、山東、海南、河北、上海、北京等表現跑贏,而四川、廣東、浙江、湖南等則跑輸。
該行指出,本地製造的的電動車11月上險量按年增180%至17.7萬台,主要因為基數較低,以及政府在去年6月底削補貼。而使用電池的電動車銷量則按年升206%,而混能電動車銷量則按年升93%。而本地製造的Tesla Model 3 銷量達2.16萬台,較10月份升1.31萬台,主要受惠Model 3減價,而蔚來、小鵬、理想等的電動車銷量亦有增長,比亞迪的乘用車上險量亦按年升31%。
該行指出長汽(02333.HK)11月份批發及上險量分別為11.3萬台及9.7萬台,其上險量按年增長28%,表現跑贏同業,在該行覆蓋的汽車股中該行傾向選擇長汽H股,認為公司產品線較大部分同業強,另外亦喜歡華晨(01114.HK)、中升(00881.HK)及永達(03669.HK)在豪華車業務的接觸面。
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