中銀國際調高吉利目標價到40

這就是我提過的估值的修復與擴張。舊目標價是27。

Can we value Geely as a growth stock rather than a pure auto company? 
Despite the expected growth slowdown in September on higher bases, Geely sales remained solid and hit a record high with better-than-expected ramp-up for Boyue as a bright spot. We believe the upcoming launch of Lynk & Co next month will be a hit event. Thanks to its product competiveness and smart brand marketing as a well-known luxury JV band in China rather than another high-end brand launched by an own-brand maker, we are confident Lynk & Co will see success in China. In addition, as more than a new brand, Lynk & Co will unleash potential for Geely to explore a new business model that offers earnings forecast upside. Overall, we are confident in Geely’s sustainable growth and model up-cycles in coming years. By valuing Geely as a growth stock and applying 0.6x PEG, we raise our target price to HK$40.00, equivalent to 21.8x 2018E P/E and 16.6x 2019E P/E.

Lynk & Co has been well prepared for launch next month. 
Currently, Lynk & Co has entered into a pre-marketing phase with its first model Lynk & Co 01 planned for official launch around the Guangzhou Auto Show next month. According to our recent channel check, around 100 Lynk & Co 4S stores have been established nationwide. As the model launched by the Volvo JV, Lynk & Co has received positive feedback from customers. The 2.0T+6AT version will be launched first, while that of 1.5T+7DCT will hit the market in 1Q18. We anticipate strong demand for the model upon the launch.

Given its strong model pipeline for both Lynk & Co and Geely brands, as well as the accelerated launch of NEV products, we expect Geely to see fast growth in coming years. We revise up our 2018-19E net profit by 1.7-7.6% to reflect higher volume forecasts. For Geely brand, we raise our 2018E/19E sales forecasts to 1.4m/1.65m units, while for Lynk & Co, our sales forecasts under our base case are 200,000/350,000 units, respectively.