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《大行報告》美銀證券下調比亞迪、廣汽、東風集團評級均至「中性」 全線降車股目標價
阿思達克 04-28 14:39
美銀證券發表的研究報告指,去年2月份當內地宣布多項刺激措施推動汽車需求時,該行將汽車行業升級,而過去一年汽車股表現亦穩健,由去年次季至今年首季銷量亦見復甦,該行對行業及股價表現看法轉向保守,主要認為下半年受基數影響月度銷售比較挑戰增,加上投入成本上升及晶片短缺因素仍有短期風險,同時智能電動車發展亦會為成本及經營開支帶來壓力。

該行認為領先的電動車企頻頻升級系統及ADAS系統,以改善自動駕駛等的用戶體驗,近期百度(09888.HK)、小米(01810.HK)及滴滴均宣布進軍電動車市場,鴻海亦成立MIH聯盟為初創如Fisker等提供生產服務。該行2020至2025年內地相信整體電動車銷量的年複合增長將達26%,不過競爭將加劇,傳統汽車生產商亦會積極銷售電動車。該行估計小鵬(XPENG.US)及理想(LI.US)今年研發開支將分別升73%及140%,以開發自動駕駛的運算及軟件,相信更多傳統汽車品牌將跟隨電動車同業步伐,投資更多以維持市場份額及競爭力。除研發外,目標建立高端品牌的公司在銷售及營銷開支上亦會較高。

該行將上汽集團(600104.SH)及北京汽車(01958.HK)評級降至「跑輸大市」,同時將比亞迪股份(01211.HK)、廣汽集團(02238.HK)及東風集團股份(00489.HK)評級降至「中性」,全線降低車股目標價,詳見另表。

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