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大和:降長城汽車(2333.HK)目標價至29港元 評級上調至買入
格隆匯 04-07 16:22

大和發表研究報吿指,長城汽車(2333.HK)將於今年上海車展推出新車型,加上其堅實的產品線及利潤率持續改善,該行預計長汽今年淨利潤按年增長72%,故將其評級由優於大市上調至買入。但該行對芯片短缺的影響持謹慎態度,將2021至22年長汽銷量預測下調1-8%,並將盈利預測下調5-9%。由於市場氣氛疲弱,長汽年初至今股價已累跌9%,該行將其H股目標價由31港元下調至29港元。

大和表示,儘管新冠疫情仍然持續,長汽去年第四季毛利率為15.6%,按年升1.5個百分點,主要由於P系列銷售強勁,按年增長逾5倍,預計今年銷量按年增長20%,料其毛利率進一步提高至16.4%,長汽新型號“坦克300”於今年1月開始交付後,到目前為止每月訂購量達到1萬輛,受到了客户的好評,超過每月銷量5000至6000輛的預期。

該行又指,長汽將於今年推出10種升級車型,包括哈弗及WEY品牌旗下多個車型。另外,集團將於今年4月的上海車展上發佈電動汽車“ORA”新車型,由於該品牌已成為中國最暢銷BEV品牌之一,該行認為長汽發佈新車型將成為近期股價催化劑,推動業務增長。

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