《大行報告》中金升吉利(00175.HK)目標價至20.75元 評級「跑贏行業」
中金發表研究報告指出,隨著上海地區復工復產穩步推進,供應鏈與物流均明顯改善。此外,購置稅補貼政策疊加消費反彈下需求按月有所修復。吉利(00175.HK)重點車型帝豪L雷神混動版首批交付開啟。多重因素共振下,吉利6月批發銷量達12.7萬輛,按年升26%,按月升42%,銷量復甦力度較強。
該行認為,吉利的雷神混動競爭力強,6月26日,帝豪L雷神混動版開始交付截至月底交付量約4,000輛,該車型在手訂單飽滿,該行預計未來單月交付量有望突破萬輛。此外,吉利CMA平台具有良好通用性,新車型的開發周期大幅縮短公司計劃在未來3年推出20餘款雷神混動車型,該行預計混動車型有望持續貢獻銷量增量。至於新能源車型滲透率再創新高海外市場表現亮眼。
中金維持對吉利今年與明年盈利預測不變,保持對其「跑贏行業」評級,考慮到終端需求旺盛,汽車行業景氣度增強,該行上調吉利目標價22.1%,至20.75元,對應26倍2022年市盈率和20倍2023年市盈率,較當前股價有19.4%的上行空間。
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