《大行報告》大摩降比亞迪(01211.HK)目標價至225元 偏好三大汽車新勢力
摩根士丹利發表研究報告指,今年以來中國汽車行業競爭持續,大部分數電動汽車廠商都在重新調整經營策略,以應對日新月異的市場變化,投資者對嚴峻宏觀經濟背景及日益加劇的競爭感到擔憂,令年內汽車股表現下跌約30%。
該行認為,第二季行業挑戰依然存在,但已見到少許曙光,門店人流及訂單量出現初期復甦跡象,加上車企推進新車型研發、即將舉行的車展、良性政策環境等潛在利好因素,或有利於行業重新取得市場關注,又指海外市場將繼續是主要增長動力。
大摩預測今年將有120至140款新電動車型推出,維持中國新能源汽車全年批發量為1,070萬輛預測不變,即按年增長21%,目前更看好電動車三大新勢力理想(02015.HK)(LI.US)、小鵬(09868.HK)(XPEV.US)及蔚來(09866.HK)(NIO.US),均予「增持」評級,認為價值被低估,可帶來投資機會。理想(02015.HK)目標價從246元上調至266元,小鵬(09868.HK)目標價從91元下調至71元,蔚來目標價從102元下調至80元。
大摩維持對比亞迪(01211.HK)的「與大市同步」評級,指出由於中國市場增長飽和,預計市場對比亞迪的業績預測可能會進一步下調,目標價由239元下調至225元。
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