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》美银证券下调比亚迪、广汽、东风集团评级均至「中性」 全线降车股目标价
阿思达克 04-28 14:39
美银证券发表的研究报告指,去年2月份当内地宣布多项刺激措施推动汽车需求时,该行将汽车行业升级,而过去一年汽车股表现亦稳健,由去年次季至今年首季销量亦见复苏,该行对行业及股价表现看法转向保守,主要认为下半年受基数影响月度销售比较挑战增,加上投入成本上升及晶片短缺因素仍有短期风险,同时智能电动车发展亦会为成本及经营开支带来压力。

该行认为领先的电动车企频频升级系统及ADAS系统,以改善自动驾驶等的用户体验,近期百度(09888.HK)、小米(01810.HK)及滴滴均宣布进军电动车市场,鸿海亦成立MIH联盟为初创如Fisker等提供生产服务。该行2020至2025年内地相信整体电动车销量的年复合增长将达26%,不过竞争将加剧,传统汽车生产商亦会积极销售电动车。该行估计小鹏(XPENG.US)及理想(LI.US)今年研发开支将分别升73%及140%,以开发自动驾驶的运算及软件,相信更多传统汽车品牌将跟随电动车同业步伐,投资更多以维持市场份额及竞争力。除研发外,目标建立高端品牌的公司在销售及营销开支上亦会较高。

该行将上汽集团(600104.SH)及北京汽车(01958.HK)评级降至「跑输大市」,同时将比亚迪股份(01211.HK)、广汽集团(02238.HK)及东风集团股份(00489.HK)评级降至「中性」,全线降低车股目标价,详见另表。

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