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《大行報告》匯豐研究降廣汽(02238.HK)評級至「持有」 上調東風(00489.HK)目標價至7.6元
匯豐研究發表研究報告指出,根據中國乘聯會數據,2021年中國國產車市場零售銷量增長4%,高過該行預測的1%。一線城市需求增長導致低線城市的替代需求具有彈性。然而,鑑於可支配收入增長放緩,以及消費信心低迷,該行維持對2022財年中國汽車需求保守的看法,料按年增長3%不變。 此外,該行認為由於庫存低及汽車晶片等供應鏈中斷有所緩解,短期內行業應有補貨空間。而市場整合加速,有利於本土品牌市場領導。預期行業整合和電動汽車滲透率的提高,有利於比亞迪(01211.HK)、長城汽車(02333.HK)及吉利汽車(00175.HK)(全部均為「買入」評級)等本土品牌市場領導者,他們具有強勁的電動車/自動駕駛能力和強大的產品周期,而國際品牌一般或面臨更大的壓力。 匯豐研究對合資代工車廠的盈利增長普遍持保守態度,對廣汽(02238.HK)目標價由9.7元下調至8.9元,評級由「買入」降至「持有」,認為其合資品牌面臨壓力。另將東風(00489.HK)目標價由7.4元升至7.6元,保持「買入」評級。
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