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《大行》大華繼顯維持對中國汽車市場「於大市同步」評級 首選買入寧德時代(03750.HK)及吉利(00175.HK)
大華繼顯研究報告指,價格戰在次季對中國汽車公司造成影響,導致供應鏈利潤收縮,又指儘管內地推行反內卷運動,價格戰仍不可避免。大型汽車製造商如吉利汽車(00175.HK)、比亞迪(01211.HK)和長城汽車(02333.HK)將在行業整合中存活。 大華繼顯又指,對於新興公司,該行預計小鵬汽車(09868.HK)(XPEV.US)、零跑汽車(09863.HK)和AITO將蓬勃發展;維持對中國汽車市場「與大市同步」評級。又認爲買入首選爲寧德時代(03750.HK)和吉利汽車,基於其產品創新,是該行首選買入;沽售首選則爲比亞迪和理想汽車,基於其在中國銷售達到頂峯以及產品價格和利潤的持續壓力。 該行認爲,國家的反內卷運動無法完全阻止中國汽車行業的價格戰,原因包括行業普遍供過於求;汽車產品異質性導致價格監管困難;地方政府和國有銀行對汽車製造商的財務支持,但預計小鵬汽車、零跑汽車和AITO將蓬勃發展,因其在盈利和現金流方面正在好轉。 以下是大華繼顯對汽車股的評級及目標價 比亞迪(01211.HK)?沽售?90元 吉利汽車(00175.HK)?買入?42元 小鵬汽車(09868.HK)?買入?150元 理想汽車(02015.HK)?沽售?70元 大華繼顯表示,對各細分市場的偏好順序爲汽車零件製造商 > 汽車製造商 > 汽車經銷商。
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