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《大行報告》大摩:長汽(02333.HK)推哈弗H6 PHEV插電混能版 在新能源車市場佔有一席位具戰略意義
摩根士丹利發表研究報告指,長城汽車(02333.HK)宣布推出哈弗H6插電式混合動力汽車(PHEV)版本,消息帶動上日(22日)股價上升。 該行指,過往長汽缺乏引人注目的混合動力及電動汽車產品組合及發展戰略,股價較同行落後,相信今次推出新產品將是公司發展關鍵。 由於同行比亞迪(01211.HK)及吉利(00175.HK)年初至今股價已獲大幅重估,而長城汽車此前專注於高端品牌WEY和細分市場BEV的混合動力系統,令其落後於同行及消費市場,大摩認為市場對哈弗H6期待已久,混動版本的推出將有助長汽在新能源車市場中取得一席之地,成為強大的催化劑,並具有戰略意義。 該行又指,雖然仍然認為長汽的估值與 OEM同行相比仍然具有吸引力,但未來重估是否可持續,則取決於現有哈弗車型的銷售去化率及庫存消化、未來於BEV的佈局,以及供應鏈情況改善下公司的執行力表現。
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