美銀美林:升長汽(2333.HK)評級至“買入” 目標價上調至6.8港元
美銀美林發表報告表示,長城汽車(02333.HK)受惠產品組合改善及「國六」標準下車款銷售增加,第三季銷售按年升19%;另毛利率按年擴大3.4個百分點,主因較好規模效益、人手優化/精簡生產線,以及F系列車型的貢獻,帶動期內淨利按年大升509%至14億元人民幣。
該行上調長汽2019至2021年度每股盈測分別52%、18%及22%,相信在較高銷售均價的新產品推出、2020年推出新平台將令成本下降,以及經營效率持續改善下,預期長汽毛利將持續復甦,更相信其毛利復甦將快過同業。因此該行將長汽H股目標價由3.9港元上調至6.8港元,評級由“跑輸大市”升至“買入”。

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