《大行》摩通:零跑(09863.HK)理想(02015.HK)比亞迪(01211.HK)吉利(00175.HK)第四季可見強勁反彈
摩根大通發表報告指,近日與比亞迪(01211.HK)、小鵬(09868.HK)、零跑(09863.HK)、吉利(00175.HK)、長汽(02333.HK)、上汽(600104.SH)及廣汽(02238.HK)等車企舉行一系列會議,並與超過110位投資者探討行業前景,認為雖然第二季的行業價格戰為多數車企的利潤空間帶來壓力,但人民幣貶值對出口佔比較高的車企同時也帶來匯兌收益。
摩通目前預期中國汽車行業第三季表現或較為平淡,但相信至第四季可能將出現反彈,至明年新能源車置換補貼及免購置稅政策可能不再延續,傳統燃油車購置稅或從10%降至5%,屆時行業增長或將放緩。
綜合考慮過車企平衡價格與盈利、補貼政策變化、2026年潛在需求放緩的影響、新產品與新技術的發展,以及海外拓展策略等因素後,摩通相信零跑、理想(02015.HK)、比亞迪和吉利等大廠將在第四季及明年將迎來更強勁的反彈。摩通並將廣汽目標價從1.3元上調至1.8元,基於近日盈警公告,將今明兩何經調整每股盈利下調至0.02及0.13元人民幣,評級「減持」。
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