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美银美林下调吉利(0175.HK)目标价至14港元评级“买入”
格隆汇 08-22 11:56

美银美林发表研究报告,指吉利(00175.HK)管理层强调,上半年市占率改善,预期未来情况会持续,同时均价亦会有上升;加上公司针对盈利能力和渠道库存,严格控制价格折扣;随着经济规模、精简营运,预期利润改善。

该行指,公司毛利於上半年跌2.4个百分点,主因清理国五标准的库存、新的国六标准零件成本较高、过高的产能导致低利用率、新生产平台令生产成本增加,不过公司已将员工数目减少14%,并外判部份生产程序以降低成本。预期公司毛利可改善,因公司将出售部份旧厂房以优化生产、新型号会在新平台化下推出,有助改善规模效应。

该行降2019-21年销量预期分别5%、5%及6%,以反映行业较弱的需求,及其较预期慢的市占率提升过程,降2019-21年盈利预期分别15%、16%及15%,以反映销售及利润下降预期,目标价由16港元降至14港元,重申“买入”评级。

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