You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》中金:长汽(02333.HK)1月销量迎「开门红」 新车表现超预期
阿思达克 02-08 14:28
中金发表报告表示,长汽(02333.HK)於今年1月销量达到13.9万辆,按年升73.2%,实现大幅增长,但去年同期基数较低,按月表现更值得关注,在去年12月旺销的基础上仍然实现了按月有限的降幅,体现今年1月较好的需求延续。根据乘联会周度数据,1月行业按月降幅在10%以上,公司仍然实现跑赢行业的表现。该行认为1月销量较强的表现将提振市场情绪。

於今年1月中旬以来,长汽A股及H股价均有所回调,回调幅度在25%左右,该行认为主要因流动性收紧、芯片供应瓶颈带动市场悲观情绪发酵等行业因素导致。从基本面,该行认为长汽强产品周期对销量和盈利的贡献,将伴随新车型上市逐步兑现到月度销量和季度盈利,并有望持续超越市场预期。

新上市车型表现均较为亮眼、超过市场预期,坦克300上市首月销量超过6,000辆,哈弗初恋上市20天销量即突破5,500辆,远超H2此前月销水平(2020年月销在1,150辆)。

估值方面,中金指长汽在多重催化仍在路上,伴随新车型上市,也将带动市场对公司在新能源(纯电、混动技术)、自动驾驶及智能化方面的技术储备产生更深刻的认知,体现为估值提升。

中金维持长汽盈利预测和「跑赢行业」评级不变,维持对长汽H股目标价40元,对应2021年预测市盈率34倍。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account