《大行報告》瑞信:長汽(02333.HK)去年業績遜預期 評級「跑贏大市」
瑞信發表研究報告指出,長汽(02333.HK)去年純利按年增長26%至68億元人民幣,低過市場預期的76億元人民幣,其用於純電動車歐拉好貓的免費充電方面的費用,令公司銷售成本、綜合開銷及行政管理費用高過預期。公司早前宣布,基於好貓的智能晶片問題,提供價值1萬元人民幣的充電配額補貼。
該行指出,長汽2021財年第四季純利按季增長30%至18.4億元人民幣,毛利率上升,主要由於晶片供應改善令銷量按季增長49%;公司改善產品結構以提高混合產品均價;降低經銷商回贈。
此外,瑞信指長汽去年第四季有3個重大一次性項目,包括好貓電費涉及4億至5億元人民幣,員工股票激勵計劃的非現金費用涉及5億至6億元人民幣,以及投資於Pilbara Minerals的資產處置收益。該行維持對其「跑贏大市」評級,目標價續為41元。
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