Market Brief

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毛君豪先生(Kelvin Mo)
助理經理

現任職分行助理經理,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,歡迎來電分行以便交流心得。
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吉利集團(175.HK)績後獲管理層給予前景料改善,可趁低吸納

Tuesday, August 27, 2019 Views736

基本因素分析及公司業務前景

集團主要於中國從事研究、生產、市場推廣及銷售轎車及相關汽車配件。現今,集團在中國乘用車市場已處於領先的位置,並備有齊全的核心技術及專業知識以及達致可持續發展的能力,可利用多種品牌在不同分類市場銷售公司的產品。另外,基於過去多年來所得的龐大現金流之下,集團財務狀況已獲明顯的改善,使集團能繼續為未來進行投資。集團將於2019年引進更多具競爭力的新能源和電氣化汽車產品,以大幅增加新能源和電氣化汽車之銷量佔比。至少於未來兩年仍將有大量新產品投放去支撐集團於期內的銷量增長。領克合營公司有望為集團帶來進一步增長,為集團拓展至中國及全球高端汽車市場戰略之重要一環。鑒於當前銷售偏低及集團將引進更多新產品至主要出口市場,該等市場將於2019年持續出現顯著復甦跡象。集團已大致完成品牌重新定位及重組其主要出口市場之分銷管道。

 

公司業績

截至2018年12月31日止年度,上年全年總收益增加15%至人民幣1,066億元。由於年內整體銷量增加及利潤率上升,集團的淨溢利總額由2017年的人民幣107.4億元增加18%至2018年的人民幣126.7億元。經扣除非控股股東權益後,股東應佔淨溢利由2017年的人民幣106.3億元增加18%至2018年的人民幣125.5億元。每股攤薄盈利增加18%至人民幣1.37元。此外,公司於8月21日公布截至6月底止中期業績,營業額475.59億元人民幣(下同),按年跌11.5%。純利40.09億元,按年跌39.9%,每股盈利44.39分。不派息。公司指,上半年於中國市場的總銷量按年減少19%至61.31萬部,期內出口銷量按年大幅上升334%至38,619部。集團期內合共銷售65.17萬部汽車(包括領克合營所售領克品牌汽車銷量),相比去年同期按年減少15%。

大行報告

公司發佈中期業績後,大行如麥格里、美銀美林、瑞銀、野村等均認為公司業績符合其盈警消息,同時亦給予「中性」至「買入」評級,目標價為$11.2至$15.9港元不等。

 

技術分析

因於集團預期之市盈率只有7.5倍,而汽車股過往平均接受9至13倍市盈率,而汽車股現處於低迷期而公司管理層亦有給予其稍樂觀之下半年預期,現實屬便宜之選,股價於近期8月份見了低位$10.4,建議買入價為$11,目標價為$14(7月2日高位),收市跌穿$10.4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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