華西證券料吉利(00175.HK)推新純電動車「極氪001」可熱銷 高端定位實現品牌再向上
華西證券發表報告表示,吉利(00175.HK)在寧波杭州灣推新純電動車「極氪001」,為首款高端智能電動車,推出長續航雙電機001WE、超長續航單電機001WE、超長續航雙電機001YOU,補貼後每輛零售價分別為28.1萬萬元、28.1萬人民幣及36萬人民幣,指「極氪001」是領克Zero概念車的量產版本,基於浩瀚智能進化體驗架構(Sustainable Experience Architecture)平台打造,產品綜合競爭力強勁,爆款(熱銷)可期。
該行維持吉利「買入」評級,惟將2021-23年盈測由110.2億/163.9億/218.2億元,降至93.1億/150.9億/205.5億元人民幣,目標價相應由39.8元降至36.6元。該行指,吉利在2020年從「3.0精品車時代」邁入」4.0全面架構體系造車時代」,應用BMA(覆蓋AO到A+級車)、CMA(覆蓋AO到B級車)、SPA(覆蓋中大型車)及SEA基礎模塊架構,覆蓋從純電、混動到燃油、從緊湊型到中大型車型的全面產品布局需求。2021年起,吉利將依托SEA浩瀚架構加快新能源領域的產品開發節奏,目前有超過8個品牌多款車型在研,每年至少推出兩款新車,其中極氪品牌定位高端智能純電汽車,將採用直營模型,實現品牌再向上。平台化車型上量的過程中逐步實現規模化,縮短研發周期提升效率的同時,進一步降低生產成本,驅動盈利向上。
華西證券表示,展望吉利2021年,CMA、SEA等架構平台新車型有望開啟新一輪產品周期,業績修復彈性高。此外公司已於去年9月30日獲得科創板上市委的審核通過,擬募集200億人民幣用於新車型和前瞻技術研發等,助力科技轉型。
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