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大行評級|招商證券國際:上調小鵬汽車目標價至50港元 新車爆款提升產品週期確定性
招商證券國際發表報吿指,據乘聯會數據,內地8月乘用車批發215萬輛,按年跌3.9%,按季增9.6%。展望9月份進入行業旺季,供需有望持續走強。該行表示,補貼加碼助推動旺季效應,經濟型新能源車彈性高,料比亞迪及吉利汽車最為受惠。另外,A級車市場容量近800萬輛,新能源滲透率偏低。繼比亞迪元Plus後,吉利銀河E5及小鵬的Mona 03等新車銷量先後爆發,A級純電車已具高性價比及高智慧化的優勢,開始大規模搶先燃油車市場份額。該行指,政策加碼及旺季效應令第四季景氣改善,看好政策紅利與新車週期共振的公司比亞迪及吉利。另外,小鵬Mona新車爆款提升產品週期確定性,估價基期前移,上調集團目標價由36港元升至50港元。
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