《大行報告》大和降長汽(02333.HK)目標價至40元 評級「買入」
大和發表研究報告指長汽(02333.HK)去年出售128萬輛汽車,按年增15%,亦訂立今年銷售目標190萬輛。該行稱,計及副線品牌,長汽產品線今年有19款新車款準備登場。隨著芯片短缺紓緩及銷量進一步加快,料今年長汽盈利能力將改善。該行上調其新車銷量預測及計入加價預期,升今明兩年收入預測介乎11%至16%,惟降2021至2022年盈測介乎10%至19%,反映原材料價格上升推升成本;該行將長汽目標價由43元降至40元,相當預測今年市盈率25倍,評級「買入」。
該行稱,受惠新車款開發時間縮短,長汽目標今年每季推出三至五款新車款。該行料長汽旗下WEY品牌今年推出8款新車款,料WEY今年銷量倍升至14萬輛。
此外,大和稱,長汽去年毛利率復甦,芯片採購今年首季料達至平衡,估計今年次季底前芯片供需關係將達至正常水平。該行料其毛利率由去年14.4%谷底復甦至今年料15%,源於銷量上升及產品組合改善。不過,該行料存貨激勵開支今年料見頂,今年總激勵成本料33億元人民幣,其中20億元人民幣是否動用取決於今年銷量及純利目標能否達成。
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