《大行報告》瑞銀:中國電動車產業面臨真正挑戰 看好比亞迪(01211.HK)及理想(02015.HK)
瑞銀發表報告指出,受累於宏觀經濟和需求疲弱,以及汽車市場持續的價格競爭等,中國汽車股今年至今累跌10%至35%。該行認為,中國汽車業目前的風險回報更具吸引力,並偏好於電動車行業龍頭及中國本土現有汽車製造商。
該行預期,中國本土汽車製造商今年可能實現收入增長30%。雖然電動車初創公司普遍受惠於電動車增長,但長汽(02333.HK)及吉利(00175.HK)等中國本土企業,則由出口增長、搶佔外國品牌份額及透過高端化升級產品組合中獲利。更重要的是,該些公司正自行資助其向電氣化及智能轉型,而無需外部融資。
不過,該行提及中國電動車產業面臨真正挑戰,尤其是價格競爭方面。在惡化的定價環境下,該行認為規模經濟較大的成本龍頭企業,如電動車領域的比亞迪(01211.HK)和電池領域的寧德時代(300750.SZ),將成為保持穩健毛利的市場整合者;銷量規模有限的虧損企業將進一步遭受損失,他們需持續再融資來維持日常營運和技術開發,但於近期股市拋售下,再融資環境惡化,融資變得更為困難,限制他們對研發和市場定位的投資。
該行認為,由於中國汽車產業在電氣化轉型、智能化發展及控制成本方面具領先全球競爭力,目前是時候增加對該產業的投資。該行更為看好比亞迪及寧德時代等電動車領域的龍頭股,而不是虧損的公司;另看好本土品牌如吉利(00175.HK)及長汽(02333.HK),而不是依賴外國合資企業盈利的國企。至於電動車初創公司中,該行繼續看好理想-W(02015.HK)多過蔚來-SW(09866.HK)和小鵬-W(09868.HK)。該行予比亞迪、寧德時代(300750.SZ)、吉利、長汽(02333.HK)及理想(02015.HK)「買入」評級,並予蔚來-SW(09866.HK)與小鵬-W(09868.HK)「中性」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.