《大行報告》富瑞下調吉利(00175.HK)目標價至18.1元 評級「買入」
富瑞發表研究報告指,吉利汽車(00175.HK)去年純利按年跌12%,撇除來自Zeekr的虧損等影響後,去年度純利實際按年升17%,指出公司無可避免今年將受到成本壓力上升及潛在供應鏈中斷的影響,但認爲吉利有望通過改善產品組合和開拓多元化收入來源,恢復盈利增長。吉利去年下半年純利按年跌24%,遜該行預期。
該行指,吉利去年下半年錄得34億元人民幣的技術許可費,提供的技術服務主要基於GEEA2.0架構,未來有意與更多OEM及技術參與者合作,預期技術服務收入可能出現意外增長,並預期吉利及領克今年將推出更多混合動力車型。
富瑞維持對吉利「買入」評級,將2022至2023年盈利預測下調至77億及103億元人民幣,以反映毛利率前景轉弱,目標價相應由30.1元下調至18.1元。
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