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.
《大行報告》中金:長汽(02333.HK)1月銷量迎「開門紅」 新車表現超預期
阿思達克 02-08 14:28
中金發表報告表示,長汽(02333.HK)於今年1月銷量達到13.9萬輛,按年升73.2%,實現大幅增長,但去年同期基數較低,按月表現更值得關注,在去年12月旺銷的基礎上仍然實現了按月有限的降幅,體現今年1月較好的需求延續。根據乘聯會周度數據,1月行業按月降幅在10%以上,公司仍然實現跑贏行業的表現。該行認為1月銷量較強的表現將提振市場情緒。

於今年1月中旬以來,長汽A股及H股價均有所回調,回調幅度在25%左右,該行認為主要因流動性收緊、芯片供應瓶頸帶動市場悲觀情緒發酵等行業因素導致。從基本面,該行認為長汽強產品周期對銷量和盈利的貢獻,將伴隨新車型上市逐步兌現到月度銷量和季度盈利,並有望持續超越市場預期。

新上市車型表現均較為亮眼、超過市場預期,坦克300上市首月銷量超過6,000輛,哈弗初戀上市20天銷量即突破5,500輛,遠超H2此前月銷水平(2020年月銷在1,150輛)。

估值方面,中金指長汽在多重催化仍在路上,伴隨新車型上市,也將帶動市場對公司在新能源(純電、混動技術)、自動駕駛及智能化方面的技術儲備產生更深刻的認知,體現為估值提升。

中金維持長汽盈利預測和「跑贏行業」評級不變,維持對長汽H股目標價40元,對應2021年預測市盈率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