Market Brief

The articles are produced in Chinese only.


徐文輝先生 (Tsui Man Fai)

3651 7385


Thursday, August 22, 2019 Views2235



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.




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)



Company(s) interim report 2019



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