《大行報告》摩通降吉利(00175.HK)及長汽(02333.HK)評級至「中性」 下調比亞迪(01211.HK)目標價至370元
摩根大通發表研究報告指,內地汽車股自去年11月底至今整體回落超過20%,反映市場投資取向改變、今年首季行業改善空間有限以及全年業績盈利下降風險,當中不少股份已回吐2021年的大部分回報,現時風險回報可能仍然不利。
該行指,最嚴重的芯片供應短缺時期已經過去,見到自2021年9月以來生產活動恢復,隨著新產品陸續推出,各汽車製造商今年設定較積極的批發增長目標,預期銷售穩健,但需求及消費行業不確定性為潛在風險,若零售需求低於產量,預期去庫存壓力將增加。
摩通指,長汽(02333.HK)及廣汽(02238.HK)日前公布業績預告,認為吉利(00175.HK)面臨類似盈利遜預期的風險,經調整長汽及吉利2022年盈利預測均低於市場預期水平,指出盈利表現將帶動股票表現,而如果風險平衡趨於下行,預期投資者將重新考慮估值。
考慮到上述各項因素,摩通將吉利及長汽的評級由「增持」下調至「中性」,目標價分別由46元及45元,降至21元及24元;另外將比亞迪(01211.HK)去年第四季及今年全年盈利預測上調20%及5%,行業中看好比亞迪及小鵬汽車(09868.HK),評級均為「增持」,當中比亞迪目標價由400元降至370元。
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