Guangzhou Automobile Group Co Ltd - Stock Analyst Research

Target Price*HKD 22.00
Recommendation BUY
Market Cap*161.38B
Publication Date15 Feb 2022

*At the time of publication

濰柴動力 (2338 HK) 行業有望觸底回升,定增助力技術優勢丌斷累積

公司簡介
公司是中國重卡行業領域綜合實力最強的汽車及裝備製造產業集團之一,公司以發動
機、車橋、變速箱在內的動力總成系統為根基,延伸上游零部件和下游重卡,率先涉
足叉車和智能倉儲。經過多年發展,構築起了動力總成(發動機、變速箱、車橋)、整車
整機、液壓控制和汽車零部件四大產業板塊的協同發展格局。
投資概要
重卡行業最壞時期或已過去
2021 年,中國重卡行業呈現出明顯的前高後低態勢,上半年增速較高,銷量同比增長
27.7%;5-12 月同比“八連降”,其中 8-12 月同比降幅超過 50%。全年累計銷量達到
139.1 萬輛,同比下降 14.1%,為近六年來首次下跌,但仍為歷史第二高點,僅次於
2020 年。主要原因在於:

About the author

Zhang Jing

Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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