《大行报告》美银证券降吉利(00175.HK)评级至「跑输大市」 目标价下调至17元
美银证券发表的研究报告指,对吉利汽车(00175.HK)产品周期看法正面,其渠道调查显示芯片短缺对第二、三季的影响或多过原先预期,而该行阅读长汽首季业绩後,认为通胀及成本提升情况料将持续至第三季。另外该行估计吉利销售及营销开支将较高,主要因为公司正进取地发展新高端新能源车品牌Zeekr。该行将公司评级由「买入」降至「跑输大市」,目标价由30元大降至17元。
美银证券指公司4月销售按年跌5%至10万台,主要因为芯片短暂及去年基数较高,今年首四月公司销售按年升39%,占公司2021年销售目标的28%,差过市场预期,该行认为5月至7月的生产将受到影响,估计情况在第四季前难有改善,加上电动车需要用到更多芯片,料未来一至两年随着电动车渗透率提升,车企的芯片管理将有更大挑战。
该行认为今年电池价格下降不显着,主要因为原材料成本提升,所以认为电动车销售增加将拖累传统生产商的毛利率。(el/k) ~
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