《大行報告》野村上調長汽(02333.HK)目標價至17.4元 評級「減持」
野村發表研究報告指,長城汽車(02333.HK)去年淨利潤按年增長19%,符合預期,但第四季毛利率18.3%,反映按季下降0.7個百分點,市場原預期會擴至20%,相信是由於去年第四季原材料成本意外較高所致。該行表示,對毛利率前景抱較保守看法,預期今明兩年毛利率將分別錄得18%及18.5%,較市場預期低13%。
野村稱,長汽於新能源汽車及智能駕駛技術平台的投資取得初步成功,先後發布新技術平台「檸檬」、「坦克」及「咖啡」,目前在低至中端市場取得穩定市場地位,去年全年新能源汽車銷售量達到5.86萬輛,按年增長55%,勝預期。
長汽的新能源汽車定位低至中端市場,售價介乎7萬至14萬元人民幣,野村認為該市場目前被長汽等內地龍頭車企主導。該行將公司今明兩年銷售量預測提升11%及13%,在平均售價預測上調4%後,今明兩年每股盈利預測亦相應上調18%及22%。
惟該行指出,長汽現價水平估值過高,上調目標價至17.4元,但維持「減持」評級,相對而言偏向選擇比亞迪(01211. HK)(評級「買入」)。
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