《大行報告》建銀國際降長汽(02333.HK)目標價至10.6元 評級「跑贏大市」
建銀國際發表報告,指長汽(02333.HK)第三季業績強勁,純利按年升81%至25.6億元人民幣,按季則跌36%;核心純利按季升約160%。第三季毛利率按年升520點子至22.5%,按季亦升270點子。對於明年新能源車定價,長汽擬採取更市場化主導策略。
報告指成本上升帶來短期波動,另下調長汽今明兩年銷量預測12%及14%,至分別17萬及22萬輛,以反映疫情影響物流、供應鏈問題及消費疲弱等。不過,考慮到高利潤率車款貢獻擴張及銷售均價逐漸改善,對今明兩年盈測分別升9%及2%。即使行業本地市場復甦受疫情防控措施所影響,維持對長汽長期業務展望正面看法,目標價由18.1元降至10.6元,評級「跑贏大市」。
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