《大行報告》摩通:鋰價成本急跌 料中資車企次季末毛利率可轉佳
摩根大通發表研究報告,表示關注將於本月下旬舉行的上海車展,指出作為中國以至全球最大型汽車行業盛事之一,其意義不僅在於規模,更是全球廠商自疫情以來首次向投資者及買家展示其最新產品及技術的主要機會。
報告指,現時市場最擔憂的是競爭加劇及持續降價,預期在今次上海車展上將可見到國內外品牌推出的約150至200款新能源汽車車型,當中備受矚目的包括比亞迪(01211.HK)海鷗系列、小鵬(09868.HK)(XPEV.US)G6 SUV、蔚來(09866.HK)(NIO.US)ET5 Touring、吉利(00175.HK)旗下新Galaxy品牌及極氪Zeekr X等,同時亦會關注最新技術發展。
考慮到現貨及合約價格的時間差,該行預測鋰現貨價格的快速下跌,將有助於車企的毛利率於今年第二季末起改善,但提醒近期市場價格環境可能仍將充滿挑戰,行業平均折扣已達到2021年以來的歷史新高,新的排放標準7月起實施前的庫存清理趨勢,將帶來進一步的價格壓力。行業中,摩通較看好比亞迪,以及中升控股(00881.HK)等優質經銷商。
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