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《大行報告》大和下調長城汽車(02333.HK)目標價至11元 評級「買入」
阿思達克 09-04 10:06
大和發表研究報告指出,長城汽車(02333.HK)上半年海外銷售強勁,中期收入700億元人民幣,按年增長13%,第二季收入按年增長44%至410億元人民幣,按季增長41%。然而,由於新能源車競爭力減弱,其國內銷量按年跌11%,失去市場份額。 公司第二季毛利率17.4%,按季升1.3個百分點,按年跌2.4個百分點,導致上半年綜合毛利率為16.9%,按年跌1.5個百分點。至於次季每輛車平均售價按年升8%至13.6萬元人民幣。上半年純利按年跌76%至14億元人民幣,次季純利按年跌70%至12億元人民幣。該行估計,如剔除匯兌收益,長汽上半年經常性淨利潤按年跌約59%。此外,公司上半年每輛車淨利潤約為2,600元人民幣,相對於首季為800元人民幣,次季約為4,000元人民幣,該行認為仍低於約5,000元人民幣的典型水平。 該行重申對長汽「買入」評級,認為公司海外銷售增長或有助於改善綜合毛利率,但將其目標價由12元下調至11元,料今明兩年每股盈利約0.71元人民幣,2023至2025年收入下調4%至12%,純利下調11%至36%,以反映該行下調其國內市場新車銷量和盈利能力的預測。
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