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《大行報告》麥格理下調吉利(00175.HK)目標價至17.1元 評級「跑贏大市」
阿思達克 03-25 10:32
麥格理髮表研究報告指,吉利(00175.HK)去年下半年收入按年增長2%,較上半年升26%,高於該行預期3%,毛利表現亦高於該行預期1%,惟純利按年跌24%,較該行及市場預期低47%及40%,相信主要由於期內經營開支上升。 報告認爲,由於Zeekr的虧損及股票激勵費用,市場將對吉利盈利疲軟表現及高水平經營開支反應負面,然而剔除Zeekr及股票激勵費用的影響,吉利盈利按年增長18%。該行預計高水平研發費用將持續,但預期Zeekr品牌今年將有更好表現。 該行認爲,吉利股價表現反映出2021年業績遜色、封城與芯片短缺而導致的近期需求前景疲軟等因素,並將其今明兩年盈利預測削減31%及23%,目標價相應由29.2元下調至17.1元,維持「跑贏大市」評級。
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