Piper Sandler上调底特律三大车企评级：监管放宽与中国竞争缓和成增长主逻辑

智通财经01-09

智通财经APP获悉，Piper Sandler分析师Alexander Potter和Ben Johnson预测，来自中国汽车制造商的竞争有限，以及更有利的监管环境，可能会支撑美国汽车制造商今年的业绩，从而缓解的北美汽车销量的下滑——该行预测下滑1.2%。Potter和Johnson写道，上述条件将促使“美国汽车制造商的盈利预期上调”，对福特(F.US)和通用汽车(GM.US)而言最为有利，这两家...

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Johnson对福特2027年的最新展望预测，其每股收益(EPS)将达到1.95美元，高于市场普遍预期的1.77美元，息税前利润(EBIT)将达到108亿美元，与后金融危机时代最高水平持平。Potter和Johnson承认通用汽车一直是他们报道中表现最好的公司之一，但他们也承认“现在上调通用汽车的评级让我们感觉有点傻”。这是因为通用汽车的总回报率(包括股息)一直优于标普500指数，其过去12个月、3年和5年的回报率在Piper Sandler的评级中分别位列第二、第三和第一。尽管营收“基本持平”，但从电动汽车转向其他车型仍将使通用汽车2025年的息税前利润增加8亿美元。此外，由于其中国市场风险极低，且美国环保署的监管力度有所放松，通用汽车的业绩预测现在看来“有望实现”。Stellantis近期股价暴跌，管理层频繁更迭，其低于平均水平的市盈率似乎也印证了这一点。但作为 Jeep 的母公司，Stellantis 有望受益于新车型的发布以及与 Leapmotor 成立的“引人注目”的合资企业，这将有助于缓解中国竞争对手在欧洲市场的影响。Potter and Johnson 目前将 Stellantis的市盈率从之前的 3 倍至 4 倍上调至 6 倍，他们认为“盈利已经触底”。该团队还对 Aptiv (APTV.US)进行了显著的评级上调至“增持”，对 BorgWarner (BWA.US)进行了评级下调至“中性” 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