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野村:長汽(2333.HK)受盧布匯率損失影響 降目標至3.23港元
格隆匯 04-27 14:24

野村發表研究報告指,長城汽車(2333.HK)受俄羅斯盧布匯兑損失帶來的負面影響,致今年首季度的淨虧損擴大,達6.5億元人民幣,較該行預期更差。野村下調其H股目標價5%,由3.4港元降至3.23港元,並維持減持投資評級。

野村表示,長汽除了受新冠肺炎疫情拖累銷量按年下跌47%及對毛利率的影響外,最大的影響因素來自俄羅斯子公司非盧布負債的外匯損失,而首季盧布兑人民幣貶值21%,故該行把今年每股盈利預測下調14%,以反映首季的盧布虧損,但對2021財年的預估則維持不變。

另外,野村指,除了疫情對長汽上半年的盈利能力有負面影響外,其長期結構挑戰仍然存在。該行憂慮消費者或習慣長汽廉價的產品和品牌資產,防礙其高檔品牌WEY的消費升級。而行業中,野村首選華晨和吉利,予買入評級。

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