《大行報告》大摩升長汽(02333.HK)評級至「增持」 目標價上調至45元
摩根士丹利發表研究報告,指長城汽車(02333.HK)初步次季業績反映增長潛力持續明朗化,具韌性收入由銷售均價按季提升所帶動,該行對長汽長遠增長展望及盈利能力看法更加正面,上調2021至2023年各年盈測分別10%、36%及57%,以反映明後兩年毛利率預測提升;在強勁車款周期下,目標價相應由25元大升至45元,相當於明年預測市盈率24倍,與同業吉利(00175.HK)2017至2018年過往峰值相若,評級由「與大市同步」升至「增持」。
該行指出,在汽車半導體短缺下,受惠高價車款受追捧,長汽第二季銷售表現持續改善,銷售均價按年增16%,按季更增21%,雖然利潤率受壓,經營毛利率按年跌0.3個百分點,按季更跌2.7個百分點,但具韌性收入增長使大摩對長汽長遠增長更有信心。大摩認為,長汽未來銷量及毛利率上行空間有利支持進一步估值重評。
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