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野村下调长汽(2333.HK)目标价至3.4港元维持“减持”评级
格隆汇 07-26 11:37

野村发表报告表示,长汽(02333.HK)盈警显示上半年纯利按年跌59%,指并不令人意外,但其调低销售目标则令人感失望,反映下半年销售下跌。

该行指,维持对长汽前景忧虑看法,因其产品线的价格相若,新产品会侵蚀旧产品的市场,新产品线「WEY」亦未见有明显的销售动力,而产品周期缩短,亦令公司研发开支增大,目标价由3.7港元降至3.4港元,维持“减持”投资评级。

野村表示,若长汽上半年是以减价支持销售增长,那目前公司正面对销售逊预期以及利润率下降的双重问题,均价於第二季跌13%,目前行业亦难以提升均价。因此,该行将均价调低3%,销量降5-8%,毛利降1个百分点,2019-20年每股盈利预期分别降27%及24%。

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