《大行報告》大和下調長汽(02333.HK)目標價至25元 評級「買入」
大和發表研究報告指,長城汽車(02333.HK)首季度扭虧為盈,錄得淨利潤16億元人民幣,但期內毛利率按季下跌2.9個百分點,反映出行業自動駕駛汽車晶片供應短缺的影響。
管理層表示對行業近期前景維持審慎看法,大和預期,晶片供應短缺問題或延續至第三季度,首季影響浮現得預期早,預期全年行業將有100萬至120萬輛車受影響,當中長汽銷量將受到約4%影響。
該行指出,整個行業都面對毛利率受壓問題,相信企業會較為專注研發盈利較高的高端車型,而非著重刺激銷量。大和強調對長汽長遠發展持正面看法,受晶片短缺因素影響,將2021至2023年每股盈利預測約5%至11%,目標價由29元下調至25元,重申「買入」評級。
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