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大行評級|中銀國際:吉利整合極氪有助於縮小其與新能源可比公司的估值折價 維持“買入”評級
格隆匯 05-08 14:48
中銀國際發表報吿指,吉利汽車宣佈擬對極氪私有化的非約束性報價建議,極氪股東可選擇以每股2.566美元現金或1.23股新吉利汽車股票進行兑付。自極氪成立四年多來,通過參與極氪IPO和向控股股東吉利集團收購股權等交易,吉利汽車將其持有的極氪股權從最初的51%增加至目前的65.7%。該行指,考慮到極氪股權結構高度集中,預計絕大多數股東會傾向於選擇以吉利汽車股票而非現金作為交易對價。因此估算吉利此次對極氪私有化的潛在現金需求約為2億至3億美元,完全可通過吉利汽車充足的現金儲備覆蓋。中銀國際認為四年前極氪分拆以及當前的私有化計劃,均是吉利汽車在不同發展階段服務於其業務戰略的主動佈局。展望未來,該行預計極氪業務的整合及迴歸一個吉利將強化上市公司作為集團核心整車資產的戰略地位,有助於縮小吉利與新能源可比公司的估值折價。該行維持“買入”評級和目標價27港元。
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