富瑞下调长城汽车(2333.HK)目标价至4.8港元维持“持有”评级
富瑞发表报告称,长城汽车(02333.HK)去年纯利15.17亿元人民币,同比下降58.95%,基本上与早前盈警相同,主要是因为收入同比下降15%,毛利率收缩5.7个百分点。该行调低长城汽车目标价,由5港元降至4.8港元,维持“持有”评级。

该行表示,长城汽车下半年将推WEY VV7 GT及插电式混合动力车(PHEV)版本,2020年则会推4款新型号,预计2019年底前产能有150万辆。该行相信,未来长城汽车的产能过多,将令产能利用率低,毛利率受压,若无重大新型号推出,估计公司要维持市场占有率会困难。
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