《大行報告》摩通下調比亞迪(01211.HK)目標價至275元 降長汽(02333.HK)目標價至10.5元
摩根大通發表報告指,內地車股股價表現和乘用車銷售面臨的壓力可能會第四季持續。目前該行所覆蓋的內地汽車公司股價在今年累計回調34%。疲軟的表現主要受累於包括第二季上海封城期間的生產損失、成本上漲以及首兩季的業績不理想。
報告指,車股5至6月的股價反彈是短期性,因為估值不具吸引力,加上惡化的銷售和競爭環境。上述影響汽車股表現的因素將在第四季度持續,對年底持謹慎態度,關注車股月度銷售而非年度銷售趨勢。
報告提到,盈利透明度是車股股價表現的關鍵。截至8月,比亞迪(01211.HK)和廣汽集團(2238.HK)的股價表現都好過市場,因為兩者都超出或達到盈利預期,而且兩者都是該行今年在傳統代工生產(OEM)中的首選。
根據摩通最新的渠道檢查以及對競爭環境的考慮,該行認為蔚來(09866.HK)、廣汽和比亞迪仍然是訂單積壓和盈利能見度相對高於同行的OEM廠商。另一方面,該行仍然建議投資者對卡車領域和選定的傳統代工生產廠商,如吉利(00175.HK)和長汽(02333.HK)等保持謹慎,認為這些股票短期內可能繼續橫行。
該行對比亞迪目標價由410元降至275元,評級「增持」。長汽目標價由12.5元降至10.5元,評級「中性」。
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