《大行報告》匯豐研究下調長汽(02333.HK)目標價至34.4元 評級「持有」
匯豐研究發表報告,指長城汽車(02333.HK)11月銷量差過市場水平,預料其毛利率受壓,將集團2021-23年淨利潤預測下調9%、9%及3%,目標價相應由38元降至34.4元。該行認為,隨著汽車晶片短缺情況緩解和新車型的不斷增加,長汽收入和利潤可能會上升,惟因受到同業競爭加劇的壓力影響,因此維持評級「持有」。
匯豐研究表示,長城汽車在更新現有產品組合,及明年可能會有更多新型號種類,認為每個型號的規模經濟可能會降低,更高的型號複雜性將拖累了長城汽車的整體毛利率。
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