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研報掘金|華泰證券:上調吉利汽車目標價至20.61港元 明年新車週期強勢

華泰證券發表報吿指,吉利汽車第三季收入604億元,按年和按季分別升20%和10%;淨利潤25億元,按年升88%。首三季公司收入1677億元,按年升36%;淨利潤131億元,按年升358%。公司新能源品牌扭虧為贏,部門整合穩步推進,維持“買入”評級。

報吿指,8月以來,銀河品牌先後發佈E5、星願兩款車型,憑藉越級領先大空間+流暢車機的優勢,迅速打通主流消費市場。該行認為在3款車型的交付帶動下,銀河品牌規模效應繼續放大,單車盈利或邊際改善,品牌有望實現快速扭虧。展望明年公司新車週期強勢,有望增收且增利。

華泰證券預計吉利2024至2026年淨利分別為172億、128億及155億元,較前值上調15%、26%及30%,上調基於極氪領克協同降本和銀河品牌新車提升規模效應帶動盈利改善,目標價由12.99港元升至20.61港元,相當於預測明年市盈率15倍。

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