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研報掘金丨國海證券:福田汽車中短期四重經營性向好,上調至“買入”評級

國海證券研報指出,福田汽車與傳統國有汽車企業不盡相同的發展之路。隨着乘用車業務剝離,公司後續愈發聚焦經驗上擅長的商用車業務,且出口與新能源的產業機會也有利於公司實現進一步以我爲主(公司積極構建自主技術、產品平臺,如愛易科與卡文),持續實現價值增長。公司輕型車在國內是龍頭,在海外也深耕多年,海外輕型車盈利能力更強。另一方面,放量+供應鏈整合有望使新能源輕型車扭虧爲盈,提升輕型車業務盈利中樞。中長期戰略更加聚焦+自主研發,中短期四重經營性向好。認爲公司中長期戰略向業務愈發聚焦、技術平臺自主性增強轉變,中短期戴姆勒影響降低,重卡出口、輕型車業務、動力總成提供業務增量。上調至“買入”評級。

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