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《大行報告》星展料國策可支持內地汽車銷售 行業首選比亞迪(01211.HK)
星展發表研究報告指出,內地3月份乘用車銷售按年跌約1%,有關數據未完全反映對「封城」的影響。現時「封城」影響兩個主要汽車生產中心──長春和上海,至於供應鏈中斷也影響到其他地區的汽車原始設備生產商。加上中國經濟放緩對消費不利,均拖累汽車銷售放緩。該行預期,「封城」或使汽車總產量減少20%。為阻止進一步惡化,中國政府宣布提振汽車市場的廣泛指令,該行料地方政府將出台更多包括銷售補貼及激勵措施的細節,以刺激汽車銷售及支持新能源車充電基建發展。 該行認為,基於「封城」及充滿挑戰的宏觀環境,將今年乘用車銷售增長預測由7.5%下調至6%,雖然受影響地區的汽車製造商已復產,但需時恢復至「封城」前的水平,因此料第二季乘用車總銷售將按年跌5%至8%。不過料新能源車市場將保持50%的強勁增長。 星展指新能源汽車具有更好的上行潛力,而行業首選比亞迪(01211.HK),主要由於其優受的首季新能源汽車銷售,而公司是首家汽車原始設備生產商宣布退出燃油車業務並專注於新能源汽車業務,這將加速其估值重評潛力。對其目標價330元,維持「買入」評級。
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