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大和:重申長城汽車(2333.HK)買入評級 目標價降至25港元
格隆匯 04-23 13:21

大和發表研究報吿指,長城汽車(2333.HK)首季業績轉虧為盈,淨利潤為16億元人民幣,去年同期錄得6.5億元淨虧損,但受到芯片短缺及原材料成本上升的影響,毛利率按季下降2.9個百分點。該行將其目標價由29港元降至25港元,重申買入投資評級。

大和指出,公司受到相關芯片短缺的影響早於預期,並審慎關注此因素對公司業務的影響,預計芯片短缺的影響將持續到今年第三季度,料今年長汽銷售量將下降4%,估計行業中約100至120萬輛汽車受到影響,意味着長汽無法提高價格或削減折扣以抵銷芯片短缺的問題。但長遠來看,在SVOLT電池技術和智能汽車技術平台“咖啡智能”的支持下,該行相信長汽能夠自我轉型並在業界保持競爭力,長汽在越野車和低端電動汽車等領域的成功將帶動業務增長。

該行長汽2021至23年每股盈利預測下調5-11%,以反映汽車芯片短缺的影響或未能於短期內解決。

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