《大行》華泰證券:看好吉利汽車(00175.HK)新車產品周期 評級「買入」 目標價26.9元
華泰證券發表報告指出,吉利汽車(00175.HK)銀河A7日前正式上市,售價介乎8.98萬至12.58萬人民幣,疊加8,000元人民置換補貼(9月30日前鎖單),限時起售價低至8.18萬人民幣,上市首日大訂單突破1萬輛。華泰證券看好銀河A7性價比(低價格+大空間+強性能+智能化),有望實現月銷1.5萬輛。該行看好銀河GEA(全球智能新能源架構)平台新車產品周期,維持對吉利汽車「買入」評級。
該行認為,銀河A7產品力強、性價比高,無明顯短板,具備成為爆款車的基礎條件。9月,公司高端旗艦SUV極氪9X上市,銀河M9為20萬元級重磅產品,該行又看好極氪9X和銀河M9兩台旗艦SUV上市表現,預計極氪9X將提振公司高端品牌形象,銀河M9將延續銀河A7高性價比打法。公司9月至12月新車周期強勢,全年銷量或突破300萬輛。
華泰證券維持吉利汽車2025至2027年歸母淨利潤預測分別為138億、155億、194億元人民幣。採用可比公司估值法,可比公司2025年估值為15倍市盈率,予公司20%溢價(此前為20%),對應2025年為18倍市盈率(此前為20倍)。溢價主要因公司降本增效與GEA平台獲利更顯著。對應目標價為26.9港元(前值29.65港元),維持「買入」評級。
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