麦格理:下调长汽(2333.HK)目标价至3.1港元 评级“跑输大市”
麦格理发表研究报告,指出持续的产品组合降级将会令长汽(2333.HK)
面临巨大的价格压力,导致毛利率下降。公司聚焦在运动型多用途车(SUV)板块将会进一步限制其市场的规模。另外,公司的折旧及摊销成本上涨,加上产能扩张及新能源汽车(NEV)盈利能力减弱,将会对其盈利构成进一步压力。
该行重申长汽
“跑输大市”
投资评级,将其2019及2020年的每股盈利预测分别下调23%及11%,目标价由原来的3.8港元下调至3.1港元。
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