《大行報告》匯豐料汽車零件供應商受惠全球車市復甦 上調福耀、敏實及耐世特目標價
匯豐研究發表報告指,隨著內地和海外市場產出準備迎接急速增長,料汽車零部件供應商受惠於全球汽車市場復甦。該行料全球汽車生產及銷售今年帶來強勁復甦;料內地汽車銷售增長10%,同時研究機構IHS預測全球汽車銷售增長9%,生產增14%。海外生產增長料跑贏銷售增長,因新冠疫情致去年生產中斷仍未完全補回。該行料其所覆蓋公司將持續受惠今年內地及全球汽車生產擴張。
報告稱,在生產復甦之外,考慮新功能的技術要求,該行料電動車將對汽車零部件供應商帶來銷售均價提升。傳統零部件供應商正積極留意新能源車帶來的機遇。該行認為,透過利用經營規模及研發專長,零部件供應商可在新能源車贏得相當市佔。
當然,福耀玻璃(03606.HK)在取得特斯拉(TSLA.US)及蔚來公司(NIO.US)訂單上已取得良好進展,另敏實集團(00425.HK)贏得來自大眾汽車、雷諾及寶馬的電池外殼訂單。
匯豐維持對福耀玻璃、敏實及耐世特(01316.HK)的「買入」評級,提升對它們的預測,以現金流折現率計,相應上調目標價,福耀H股目標價由46元升至64元;敏實目標價由38元升至48元;耐世特目標價由7.4元升至16元。
該行稱,即使本年至今股價累錄相當升幅,耐世特仍是該行偏好股票。匯豐料其今年復甦表現最強,估值仍吸引。美國市場仍佔公司重大收入佔比,耐世特或受惠當地任何刺激措施。
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