吉利汽車 (175.HK): 增速收窄但結構上移,維持買入評級 October 26, 2018

投資 概要
受到大市疲軟和基數擡高的影響,9 月吉利汽車的銷量同比增速較之前收窄,但更高價的新車型占比明顯提高,車型結構上移特徵明顯,車型銷量分佈更加均衡。我們認爲 18 年四季度吉利汽車的銷量增速將繼續放緩,但新車型逐漸上量和老車型占比減少的趨勢將繼續支撐公司銷售結構再次上移,幷抵消部分車價承壓的負面影響,毛利率和單價將保持穩中向好趨勢。在新品與産能釋放穩步推進預期下,我們看好公司中長期成長性,維持買入評級。

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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