The Economic Daily News (30th) reported: Auto stocks were generally under pressure. BYD (01211) fell 2.2%, closing at HK$74.05; Geely Automobile (00175) dropped 1.9%, closing at HK$14.7; Li Auto (02015) declined 0.9%, closing at HK$44.12; NIO (09866) fell 3.1%, closing at HK$26.16.
JPMorgan believes that due to factors such as further increases in raw material costs, the auto industry will continue to face short-term pressure. Based on current valuation levels, the bank downgraded BYD, Geely, Leapmotor, and XPeng to "Neutral" ratings. JPMorgan noted that BYD is the domestic brand best able to withstand current structural headwinds, but at current valuation levels, the stock has limited upside potential.
The bank initiated coverage on Chery Automobile with an "Overweight" rating and a target price of HK$35, primarily due to its strong overseas business exposure and favorable liquidity position.
Currently, the Hang Seng Index stands at 24,402, down 120 points or 0.5%, with main board turnover nearing HK$31.7 billion. The Hang Seng China Enterprises Index is at 8,139, down 38 points or 0.5%. The Hang Seng Tech Index is at 4,217, down 31 points or 0.7%.
| Stock (Code) | Current Price (HK$) | Change (%) |
|---|---|---|
| BYD (01211) | 74.05 | Down 2.24% |
| Li Auto (02015) | 44.12 | Down 0.94% |
| NIO (09866) | 26.16 | Down 3.11% |
| XPeng Group (09868) | 37.14 | Down 0.96% |
| Geely Automobile (00175) | 14.7 | Down 1.87% |
| Leapmotor (09863) | 33.78 | Down 1.4% |
| Great Wall Motor (02333) | 7.21 | Down 0.69% |
| Guangzhou Automobile Group (02238) | 2.39 | Down 5.91% |
| Beijing Automotive Group (01958) | 0.71 | Up 0.71% |
