《大行報告》美銀證券下調長城汽車(02333.HK)目標價至10.5元 評級「中性」
美銀證券發表研究報告指,長城汽車(02333.HK)第二季收入按年升44%至410億元人民幣,是受到銷量增長27%及均價上調所帶動。毛利率為17.4%,按年降2.4個百分點,但按季升1.3個百分點。期內,淨收入為12億元人民幣,雖然按年下滑70%,但按季大升581%,這是受惠於俄羅斯市場的高盈利能力。剔除一次性項目,次季度淨利潤按年增28%至9.66億元人民幣。
該行分別微降集團2023至25年的收入預測1%,期內的盈測則分別下調15%、17%及15%,又將目標價由10.7元下調至10.5元,重申「中性」評級。該行預計,由於新能源汽車轉型,公司近期的盈利增長將會放緩。
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