研報掘金|招商證券:長汽出海增長領先行業 本地化生產有先發優勢
招商證券發表研究報吿指,長汽今年1至5月累計銷量按年增長11.4%,領先同業2.9個百分點;海外累計銷售汽車按年增長65.2%,超出同業26%的平均增速。該行指,長汽出海拉動銷量的效應顯著,並在一定程度上緩解國內市場的競爭壓力。
該行表示,長汽出海銷售擁本地化優勢,憑藉俄羅斯工廠本土化的先發優勢把握紅利,實現海外銷量快速增長。該行估計,長汽今年1至5月公司本地化生產銷售佔總海外銷量近40%,按年增長4.4個百分點。另外,巴西工廠已於今年上半年竣工並開始試產,有望於年來實現規模化量產,進一步擴大公司海外本土化佈局。
該行亦指,長汽出海銷售亦擁渠道優勢,截至去年底在全球擁有累計1,000間門店。公司於今年加速擴張海外渠道,目標於今年年底將海外門店總數提升至1,200至1,300間,以支撐海外銷量增長。長汽為該行首推股之一,故將其目標價定於17港元,並維持“增持”評級。
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