《大行报告》汇丰料汽车零件供应商受惠全球车市复苏 上调福耀、敏实及耐世特目标价
汇丰研究发表报告指,随着内地和海外市场产出准备迎接急速增长,料汽车零部件供应商受惠於全球汽车市场复苏。该行料全球汽车生产及销售今年带来强劲复苏;料内地汽车销售增长10%,同时研究机构IHS预测全球汽车销售增长9%,生产增14%。海外生产增长料跑赢销售增长,因新冠疫情致去年生产中断仍未完全补回。该行料其所覆盖公司将持续受惠今年内地及全球汽车生产扩张。
报告称,在生产复苏之外,考虑新功能的技术要求,该行料电动车将对汽车零部件供应商带来销售均价提升。传统零部件供应商正积极留意新能源车带来的机遇。该行认为,透过利用经营规模及研发专长,零部件供应商可在新能源车赢得相当市占。
当然,福耀玻璃(03606.HK)在取得特斯拉(TSLA.US)及蔚来公司(NIO.US)订单上已取得良好进展,另敏实集团(00425.HK)赢得来自大众汽车、雷诺及宝马的电池外壳订单。
汇丰维持对福耀玻璃、敏实及耐世特(01316.HK)的「买入」评级,提升对它们的预测,以现金流折现率计,相应上调目标价,福耀H股目标价由46元升至64元;敏实目标价由38元升至48元;耐世特目标价由7.4元升至16元。
该行称,即使本年至今股价累录相当升幅,耐世特仍是该行偏好股票。汇丰料其今年复苏表现最强,估值仍吸引。美国市场仍占公司重大收入占比,耐世特或受惠当地任何刺激措施。
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