《大行報告》瑞銀下調福耀玻璃(03606.HK)目標價至50元 降耐世特(01316.HK)評級至「中性」
瑞銀發表研究報告指,原材料價格上升及俄烏戰爭為海外汽車市場帶來的不確定性,均影響中國汽車零部件行業,目前較看好與電動汽車、智能座艙和自動駕駛相關的企業,以及可以通過產品組合升級提高平均售價的公司。
分析成本結構後,該行發現原材料價格上漲對福耀玻璃(03606.HK)的影響有限,而德賽集團(002920.SZ)、科博達(603786.SH)、星宇車燈(601799.SH)等正在產品結構升級過程中的公司亦可緩解材料成本壓力。至於海外收入貢獻較大的汽車零部件商,仍要面對潛在不確定性。
瑞銀表示,消費者近年對電動及智能汽車的興趣提升,並對中國電動汽車三大巨頭蔚來(09866.HK)(NIO.US)、小鵬汽車(09868.HK)(XPEV.US)及理想汽車(02015.HK)(LI.US)認知度增加,認為與三巨頭業務往來更多的企業亦將受惠。
由於原材料成本及海外風險顯著,瑞銀將耐世特(01316.HK)評級從「買入」下調至「中性」,目標價降至4.4元;看好敏實(00425.HK),予以「買入」評級,但擔心成本及海外業務有短期壓力,目標價由46.2元下調至28元;列福耀為首選,維持「買入」評級,目標價降至50元。
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