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馮兆山先生(Michael Fung)
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現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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吉利汽車 (175.HK):科技轉型與智能發展推推新車型周期有望開啓

Wednesday, April 28, 2021 Views6681

2020銷量符合預期:

# 去年, 吉利總銷量約為132萬輛, 同比下降約3.0%, 大致符合預期.

# 博越的11款新車型 (繽瑞 / 繽越 / ICON / 星越 / 嘉際 / 豪越 / 領克) 銷售量佔比約36.5%, 約為48.2萬輛.

# 此外, 全新車型星瑞的月銷量爬升至12月的1.2萬輛.

 

技術 / 戰略已做相應調整, 新車型周期前景或逐步向好.

# 根據報導指出, 吉利管理層已做了相應調整, 包括:1= 現有車型方面, 吉利部分售價低於10萬人民幣車款已從三汽缸改至四汽缸;2= 全新車型方面, 首款價格15萬人民幣以內的 CMA 平台搭載 2.0T 四汽缸的星瑞車型已正式上市..

# 市場比較看好星瑞與 CMA 版博越等車型於 2021年的銷量及業績前景.

 

# 此外, 浩瀚平台扛起吉利汽車邁向智能電動化發展的大旗.

# 吉利花了4年時間, 投入180億人民幣研發純電動造車平台.

# 至2020年底, 在浩瀚架構上已經有7個品牌和16個車型研發.

# 2021年1月, 吉利與百度、富士康達成戰略合作, 未來將圍繞浩瀚平台生產智能電動車.

# 看來, 浩瀚平台已發展及擁有兩大核心能力. 1= 全球最寬的智能純電車型架構, 產能已可打造轎車、SUV、MPV、皮卡、轎跑、無人駕駛的ROBOTAXI等;2= 全球最高效的智能電動車解決方案. 軟件開發時間估計為 18-22個月時間, 相較傳統嵌入式軟件開發周期縮短 50%以上, 應該更能滿足用戶需求.

 

吉利汽車未來將以科技轉型及智能化精準發展, 給予買入評級.

# 無論是自主品牌車企, 或是造車企業一樣, 都是新能源汽車大潮的受益者.

# 吉利汽車在自動駕駛、電子電氣架構、平台化造車等方面擁有世界頂尖實力, 其短板在於互聯網運營思維與模式.

# 隨領克 ZERO 上市熱銷後, 市場將會對吉利汽車的智能電動車實力進行價值重估. 屆時新一輪上升周期或會重啓.

 

# 基於上述利好因素, 我們定下首個目標價為2021年4月20日即市高位 = $23.50

# 若能突破首個目標價 ($23.50), 下一個目標價則為2021年3月18日即市高位 = $25.65.

# 看圖睇勢, 過往吉利汽車的250天移動平均線皆有不俗的支持力, 故我們以此為買入指標 = $19.46. 潛在升幅大約為 20.8% - 31.8%.

 

 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及或其有聯繫者並無持有全部提及之證券的所有相關財務權益。

 

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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