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<Research>JPM Downgrades LI AUTO-W to Underweight; Top Picks GEELY AUTO/ SINOTRUK
Recommend 60 Positive 97 Negative 37 |
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JP Morgan opined in its report that the Chinese automobile market this year will exhibit a combined pattern as seen in 2018 and 2025: 1) due to the overall passenger car market growth slipping into negative territory (similar to 2018), the industry's annual performance may be relatively weak; 2) However, gassed by new model releases, seasonal trend fluctuations, and changes in profit expectations (similar to 2025), market volatility throughout the year may intensify. In light of the above factors, the broker's top picks were GEELY AUTO (00175.HK) and SINOTRUK (03808.HK); meanwhile, the broker believed that BYD COMPANY (01211.HK), LEAPMOTOR (09863.HK), XPENG-W (09868.HK), and NIO (NIO.US) may present noteworthy opportunities for positioning in March 2026 or 2Q26. Conversely, the broker downgraded LI AUTO-W (02015.HK) to Underweight. JP Morgan's investment ratings and target prices for automobile stocks are listed as follows: Stocks | Investment Ratings | TPs BYD COMPANY (01211.HK) | Overweight | HK$150 → HK$110 GWMOTOR (02333.HK) | Neutral | HK$17 → HK$14 GEELY AUTO (00175.HK) | Overweight | HK$24 → HK$22 LI AUTO-W (02015.HK) | Neutral → Underweight | HK$73 → HK$56 NIO (NIO.US) | Overweight | US$8 → US$7 SINOTRUK (03808.HK) | Overweight | HK$26 → HK$45 XPENG-W (09868.HK) | Overweight | HK$195 → HK$135 LEAPMOTOR (09863.HK) | Overweight | HK$95 → HK$56 AASTOCKS Financial News |
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