吉利汽車 (175.HK): 毛利水準有望隨著月銷過萬車型增多更上臺階 May 18, 2018

投資概要

我們認為吉利汽車將繼續受益于成功的戰略帶來的紅利,未來公司在外延跨越式發展、出口市場方面看點多多,管理層幾次大筆增持顯示強烈信心。估值上,我們上調盈利預測,並調整目標價至36 港元,對應2018/2019 年18/13 倍預計市盈率,上調至買入評級。(現價截至5 月16 日)

四月銷量強勢依舊

吉利汽車4 月份總銷量為128,817 輛,同比勁升+49%,環比增長+6%,遠高於行業平均的+9.6%。其中中國市場銷量與出口量分別增47%與187%。2018 年首4 月累計總銷量為51.5 萬輛,同比增長41%,達致全年銷量目標(158 萬輛)的33%。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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