研報掘金丨招商證券:維持長期看好比亞迪及吉利汽車 均予“增持”評級
招商證券發表研究報告指,對於車企618促銷,該行認爲淡季產業庫存上升,終端銷售承壓,促銷是正常手段,而比亞迪電動化已大幅領先,冀以降價獲得更多市場份額是乘勝追擊,整合市場。該行認爲,隨着新能源車市場滲透率突破50%,未來銷量會集中於國產龍頭的趨勢更明顯。
該行預計,促銷對比亞迪業績的負面影響有限,因公司海外業務今年及明年持續強勁增長,且出口利潤率高於國內,加上碳酸鋰單噸成本較去年大幅下降,可在一定程度上抵銷促銷影響。該行維持長期看好比亞迪及吉利汽車,考慮當前市值規模,中短期吉利汽車的韌性或更大,予吉利目標價27.5港元,比亞迪目標價510港元,均予“增持”評級。
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