《大行報告》富瑞微升理想汽車(02015.HK)目標價至214.85元 吉利(00175.HK)降至9.6元
富瑞發表報告,預計今年中國新能源汽車銷量將按年增長30%,達到約1,200萬輛,滲透率達到44%。選股順序為比亞迪(01211.HK)、小鵬-W(09868.HK)、理想-W(02015.HK)、長安汽車(000625.SZ)和賽力斯集團(601127.SH)。當中,微升理想汽車目標價至214.85元,吉利(00175.HK)目標價則降至9.6元。富瑞對車股目標價詳見另表。
富瑞認為,今年中國整體乘用車銷量按年溫和增長5%,達到約2,700萬輛,新能源汽車滲透率繼續加快,這主要由於供應驅動的產品周期,今年將有120多款新車型上市,90%為新能源汽車。
富瑞預計利潤率較高的乘用車出口銷量將按年增長30%,達到約540萬輛,其中190萬輛為新能源汽車,因為中國整車廠已進入海外收成期,其新能源汽車供應具有競爭力,品牌形象有所提升。特別是東南亞和俄羅斯可能會成為熱點市場。
富瑞指,受800V快速充電的廣泛應用和城市NOA(領航輔助駕駛)功能的早期應用的推動,純電動車的銷量有望回升,並在增長速度上超過插電式混合動力車。
另外,富瑞預計,今年華為支持的車型銷量將達到73.3萬輛,其中55%將來自與賽力斯共同開發的AITO品牌。
在華為生態圈之外的汽車代工商,該行喜好次序依次為比亞迪、小鵬、理想、長城汽車(02333.HK)、零跑(09863.HK)、吉利、蔚來-SW(09866.HK),最後為廣汽集團(02238.HK)。
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