《大行報告》瑞銀下調長汽(02333.HK)目標價至6.2元維持「中性」評級
瑞銀發表報告表示,將長汽(02333.HK)2019年至2021年盈利預測下調20-30%,以反映下行週期延長及排放標準改變帶來的負面影響,維持對其「中性」評級,該行將長汽目標價由6.8元降至6.2元,此相當預測2020年市盈率10倍。
該行指,中國5型排放汽車今年第二季度去庫存打壓了定價,因此料長汽第二季盈利料低於第一季,並估計公司第三季銷售料繼續受影響。此外,雖然長汽年初至今已重新搶佔市場份額,但瑞銀關注公司毛利率仍然受壓。
瑞銀表示,下調對長汽於2019年至2021年每股攤薄盈利預測各39%、27%及18%,各至0.42、0.56及0.63元人民幣。
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