《大行報告》美銀證券:長汽(02333.HK)去年業績遜預期歸因一次性項目及經營開支
美銀證券發表研究報告指,長城汽車(02333.HK)預期2021年銷售額將達到1,360億元人民幣,按年增長32%,純利則按年升26.5%至68億元人民幣,主要來自於銷量增加及產品組合改善,去年平均售價增長14%至10.6萬元人民幣,補貼則減少至3,000元人民幣。
長汽去年第四季銷售額預期達到455億元人民幣,按年增長10.6%,盈利則下降33.8%至18億元人民幣,低於市場預期。美銀表示,盈利下降主要受歐拉(Ora)撥備及股權激勵計劃所拖累。若撇除一次性項目,長城汽車去年第四季核心利潤則預期下跌67.5%至6億元人民幣。
美銀指,2021年長汽員工人數增加1萬至1.5萬人,主要為研發人員及新廠房工人,預期未來員工開支將增加。美銀表示,長汽未來將受惠於新車型陸續推售,予「買入」評級,目標價39元。
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