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《大行報告》美銀證券升長城汽車(02333.HK)評級至「買入」 目標價上調至14.7元
美銀證券發表報告,將長城汽車(02333.HK)H股評級由「中性」上調至「買入」,以反映更佳的盈利前景,相信毛利率保持健康,主要因為海外銷售上升,推動毛利率增長;規模效益有利成本控制;以及較高毛利的產品銷售佔比增加,今年至2025年三年期間的盈利預測,分別上調102%、105%及76%,目標價由10.5元上調至14.7元。 長汽第三季度收入按年升33%、按季升21%,至500億元人民幣,主要受惠銷量上升22%及平均售價上升9%,毛利率21.7%,按年跌0.8個百分點,但按季升4.3個百分點,每輛汽車純利由第二季度的4,000元人民幣,提升至1.1萬元人民幣,主要因為規模效益及供應鏈管理較佳、產品組合改善及海外銷售貢獻增加。 公司第三季出口8.8萬輛,佔總銷量25%,按年增長79%,目標在2025年海外銷量提升至100萬輛,當中40萬輛來自海外廠房。
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