Market Brief

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徐文輝先生 (Tsui Man Fai)
高級交易員

現任職輝立交易員,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)

Thursday, August 22, 2019 Views1071

吉利汽車(175.HK)

 

吉利汽車為中國龍頭汽車企業, 集團主要業務為生產及銷售轎車及SUV. 旗下品牌包括吉利, 幾何, 領克(與富豪Volvo合作)等品牌, 另有新能源及電動化車(NEEVs)及汽車融資業務.

 

集團剛公佈的2019上半年業績, 股東應佔溢利同比下跌40%至40.1億人民幣(下同). 汽車銷量則下跌15%至651680輛, 主要因中國經濟增長放緩, 令內銷同比下降19%所至. 雖然出口量增長強勁, 增幅達344%, 但因佔比太少而未能抵銷內銷的跌幅.

 

另外, 集團亦開始注重NEEVs的發展, 期內首個纯電動車品牌”幾何”推出首款車型. 而NEEVs的銷量則能逆市上升, 增幅更達301%至57600輛. NEEVs在世界汽車工業上已是大勢所趨, 相信這類型的車輛銷量將穩步上揚.

 

集團汽車銷售主要集中於中國(94.1%), 因此貿易戰對其直接影響不大. 而中國政府有很大機會於增長放緩時推出一些優惠政策以振興內需來抵銷貿戰對經濟的影響. 因此相信中長線來說, 集團前景依然吸引.

 

風險

 

1. 中國經濟放緩情況差於預期

2. 新車型, 特別是NEEVs的研發慢過預期

3. 出口量增長下滑

 

集團股價至今年高位下滑超過40%, 遠遠落後於恆指表現, 可以預期正常情況下在大市反彈時有機會追落後. 可於$11買入, 上望$14, 跌穿本年低位數10.08止蝕.(21/8/2019)

 

參考資料

Company(s) interim report 2019  

www.aastocks.com

www.afe-solutions.com

 

註:本人徐文輝為證監會持牌人士。截至本評論文章發表日止,本人及/或其有

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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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