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美银美林升长汽(2333.HK)目标价至3.9港元评级“跑输大市”
格隆汇 08-27 11:50
美银美林发表研究报告,指长城汽车(2333.HK)上 半年纯利跌59%,大致符其早前盈警预期。长汽第二季收入按年跌15%,主因公司维持折扣策略。毛利收窄5个百分点,因需要在今年7月前去除“ 国五 ”库存。报告称,长汽上半年销售均价跌16%,主因加大折扣及零售价下降,新能源车占比提升及出口付运提升。另长汽上半年汽车零件销售升39%,汽车金融销售亦升39%。美银美林称,倘撇除一次性项目,长汽上半年纯利跌65%;其上半年纯利表现仅相当于券商全年预期的36%。
美银美林指,长汽短期内无明显因素支持利润复苏,不过因应汽车金融的贡献提升,提升长汽2019至2021年各年每股盈测,但仍低于其他券商预期分别30%、13%及58%,维持“ 跑输大市 ”评级,目标价由3.3港元升至3.9港元。
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