Market Brief

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Author

毛君豪先生(Kelvin Mo)
助理經理

現任職沙田分行副經理,擁有豐富投資經驗,尤善於股票期權及借貨沽空等投資工具。除了本地市場以外,也會緊貼環球市況。本人樂意為客戶提供投資分析及買賣策略,歡迎來電沙田分行以便交流心得。
Phone:
39259299

東風集團(489.HK)估值吸引,可吼低吸納

Friday, March 22, 2019 Views835

基本因素分析及公司業務前景

集團的主要業務是製造和銷售汽車、發動機及其他汽車零部件,並提供一系列金融服務。預期未來五年裡,行業每年的年均增長預計約為2.6%,其中,乘用車年均增長約3.3%,但商用車年均增長約負1.8%。集團已制定了「十三五」發展戰略規劃,聚焦核心技術和資源,強化商品力和行銷力,務求取得新的突破,內容其中包括:(1)加快自主乘用車之發展,重點支持東風風神等自主整車業務實現突破,(2)鞏固商用車之領先地位,加快轉型創新發展,(3)推進合資乘用車業務健康發展,鞏固和強化日系合資企業發展能力,提升法系合資企業貢獻度,(4)加速「新五化」(電動化、智能化、網聯化、共用化、輕量化)戰略落地,形成集團核心技術和平台資源優勢。
 

業績

集團於2月汽車生產量共錄得13.27萬輛,按年減少21.41%;銷售量錄13.52萬輛,減少18.12%。首兩個月,汽車生產量共38.19萬輛,按年減少18.69%;銷售量38.29萬輛,減少17.34%。

中國汽車工業協會數據顯示,2月份汽車銷量148萬輛,按年下跌13.8%。當中以乘用車銷量122萬輛,按年下跌17.4%,降幅較上月的17.7%收窄;按月則下跌39.7%。累計首兩個月,乘用車之產銷分別313.7萬輛和324.3萬輛,按年分別下降16.8%和17.5%。新能源汽車產銷分別5.9萬輛和5.3萬輛,按年分別增長50.9%和53.6%。
 

 大行報告

中央政府經濟工作報告將今年GDP增長目標下調至6%-6.5%,同時宣布大規模減稅刺激經濟增長,其中將製造業增值稅之稅率下調3%至13%。瑞銀預料內地減低增值稅率對汽車行業有正面作用。

 

技術分析

因於集團預期之市盈率只有4倍多,實屬便宜之選,股價於今年年初由$7左右起開始上升,於2月25號高見$8.78之後反覆回落至$8左右水平,股價之波幅偏向穩定,建議買入價為$8,目標價為$9 (2018年6月5號及8月尾之較高位置),收市跌穿$7.5止蝕。

 

本人毛君豪為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有上述提及之證券的所有相關財務權益。

 

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