野村:電動汽車股中首選比亞迪,長城汽車股價在風險回報上得到平衡
格隆匯4月25日丨野村發研報指,長城汽車(2333.HK)股價在風險回報上得到平衡,受產量逐步正常化和新車型推出的推動,下半年有潛在的銷售回升。該行維持其“中性”評級及H股目標價15.3港元。在電動車行業中,該行首選比亞迪(1211.HK),予其“買入”評級。該行提到,長城汽車首季純利16.34億元人民幣,按年跌0.3%,符合其過去一年的盈利軌跡。
產品組合改善導致平均售價提高,緩解了零件短缺及成本壓力的負面影響,毛利率按年提高2.1個百分點至17.2%。該行預期,集團2022財年的銷量為155萬輛,遠低於管理層提出的190萬輛目標;維持盈利預測。另外,該行對集團的戰略決策持樂觀態度,該戰略為將品牌升級,推出售價15萬人民幣以上的全新高價車型。同時,知名品牌的中端市場競爭激烈,該行認為,將從2023年開始對集團的銷量和均價產生更明顯的影響。
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