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富瑞:維持長城汽車(2333.HK)買入評級 目標價31.5港元
格隆匯 04-22 13:22

富瑞發表研究報吿指,長城汽車(2333.HK)首季收入按年升150.6%,但按季跌18.3%;毛利率為15.1%,按季減少3.2個百分點,主要由於原材料價格高企、產品組合轉移更多至低毛利率的ORA,以及遭遇芯片供應瓶頸導致更低產能利用率。該行維持買入評級,目標價維持31.5港元。

富瑞指,長汽首季的銷售及行政開支持平,佔總收入的5.8%;首季盈利為16億元人民幣,低於該行預期30%。該行認為,原材料價格高企及芯片短缺將繼續影響第二季的盈利,不過下半年將出現復甦。

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