《大行報告》中銀國際升吉利(00175.HK)目標價至15元 評級「買入」
中銀國際發表報告,指吉利汽車(00175.HK)上半年收入按年升25.8%,好於銷量按年增速14.7%,主要得益於銷售均價按年增6.8%及技術授權及相關服務費的穩定貢獻。淨利潤按年微增1.1%,撇剔除股權激勵費用,核心淨利潤按年降16.5%至20億元人民幣,符該行預期。
報告稱,吉利旗下領克(Lynk & Co)上半年虧損持續擴大,表現遜於市場預期,主要歸因於較低的產能利用率以及產品處於切換期。相反期內極氪(ZEEKR)虧損控制良好,毛利率進一步改善到雙位數水平。在業績會中,管理層對於下半年極氪毛利率持續向好頗具信心。
中銀國際認為,吉利當前相對估值也並未反映其新能源轉型趨於明朗的前景,同時其股價年初至今跑輸可比較公司長汽(02333.HK)和長安(000625.SZ)亦不合理。報告認為在極氪品牌、吉利銀河系列的推動下,吉利正加速向新能源轉型的步伐。維持「買入」評級,上調目標價到15元。
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