华西证券料吉利(00175.HK)推新纯电动车「极氪001」可热销 高端定位实现品牌再向上
华西证券发表报告表示,吉利(00175.HK)在宁波杭州湾推新纯电动车「极氪001」,为首款高端智能电动车,推出长续航双电机001WE、超长续航单电机001WE、超长续航双电机001YOU,补贴後每辆零售价分别为28.1万万元、28.1万人民币及36万人民币,指「极氪001」是领克Zero概念车的量产版本,基於浩瀚智能进化体验架构(Sustainable Experience Architecture)平台打造,产品综合竞争力强劲,爆款(热销)可期。
该行维持吉利「买入」评级,惟将2021-23年盈测由110.2亿/163.9亿/218.2亿元,降至93.1亿/150.9亿/205.5亿元人民币,目标价相应由39.8元降至36.6元。该行指,吉利在2020年从「3.0精品车时代」迈入」4.0全面架构体系造车时代」,应用BMA(覆盖AO到A+级车)、CMA(覆盖AO到B级车)、SPA(覆盖中大型车)及SEA基础模块架构,覆盖从纯电、混动到燃油、从紧凑型到中大型车型的全面产品布局需求。2021年起,吉利将依托SEA浩瀚架构加快新能源领域的产品开发节奏,目前有超过8个品牌多款车型在研,每年至少推出两款新车,其中极氪品牌定位高端智能纯电汽车,将采用直营模型,实现品牌再向上。平台化车型上量的过程中逐步实现规模化,缩短研发周期提升效率的同时,进一步降低生产成本,驱动盈利向上。
华西证券表示,展望吉利2021年,CMA、SEA等架构平台新车型有望开启新一轮产品周期,业绩修复弹性高。此外公司已於去年9月30日获得科创板上市委的审核通过,拟募集200亿人民币用於新车型和前瞻技术研发等,助力科技转型。
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