Market Brief

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徐文輝先生 (Tsui Man Fai)

3651 7385

行業分析 – 汽車股

Thursday, March 21, 2019 Views2510

本港有不少汽車及其相關行業的上市公司, 這次先介紹中國汽車製造及研發上市公司作. 筆者選了七家較大型的公司作基本數據及行業分析. 下次有機會再詳談個別股份.



來源: 公司中期報告, 1-6/2018產銷報告

*: 以21/3/2019收市價計算

**: 外國品牌定義:

489.HK 日產, 本田, 雷諾

1958.HK 奔馳(Benz), 現代(HyunDai)

1114.HK 寶馬(BMW), 雷諾

2238.HK 豐田, 本田, 三菱, 菲亞特克萊斯(Fiat Chrysler)

由於吉利於2010年收購富豪(Volvo)品牌100%權益, 由此與其合營的「領克」不計入外國品牌





1. 電動車/混能車

2. SUV


上述兩項均為現時汽車行業的重點發展方向, 特別是電動車方面. 各製造商均於報告內指出將會或已經推出相關產品來吸引市場關注. 電動車最重要的為其電池技術, 因此比較各家公司對電池的研發或與甚麼機構合作有關技術應可對那家公司對此具備優勢會有更多認識. 亦需留意TESLA已決定於上海興建大型工廠, 所以要留心行業競爭環境會否因而轉變.




1. 中國經濟放緩令汽車需求減少, 特別是高價房車, 因此專注高階外國品牌的公司會更受影響


2. 政策改變, 近日中國政府放寬外資擁有合營企業的持股比例, 或觸發外資回購其合營企業以增加中國銷售利潤的分成. 2018年12月, BMW以290億人民幣購回華晨旗下的華晨寶馬25%股權, 相信同樣行動會陸續出現於合營企業中.(21/3/2019)




Company(s) interim report 2018  

2018年1-6月產銷報告(2238.HK, 489.HK)



聯繫者 並 無持有全部提及之証券的所有相關財務權益。



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 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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