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《大行報告》花旗上調長汽(02333.HK)目標價至16元 評級「買入」
花旗發表研究報告指,長城汽車(02333.HK)料將較其他同業更快受到重新評級,集團在清零政策改變下,預期2023至25年的純利複合年增長率為24%。該行相信,集團潛在的銷量將於2023年恢復,內燃機稅收優惠的提振作用將持續到2023年,同時,集團一直回購股份,風險回報亦具備吸引力,估值亦較便宜。 該行將集團2022至25年的收入預測微調至1,230億人民幣(下同)、1,360億、1,400億及1,600億元;料毛利率分別為16.1%、14.7%、15.4%及16.3%;純利則分別減少18%、32%、32%及22%。不過,由於期內純利複合年增長率由10%提升至24%,該行分別將集團HA股目標價上調10%和19%,至16港元及14.5元,分別維持HA股「買入」及「沽售」評級。
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