大和:料長汽(2333.HK)利潤率前景改善 升目標價約一成評級持有
大和發表研究報告指,長城汽車(2333.HK)第三季利潤率顯著改善,料公司在平均售價進一步改善的情況下,利潤率前景或較佳,並認為公司現時估值合理,維持對其H股“持有”的投資評級,將目標價由5.7港元上調至6.3港元。
大和預期,今年第四季前景健康,內地汽車市場自第四季起正在逐步復甦。該行相信,受益於平均售價上升,長汽第四季的利潤率有望進一步改善。該行預測長汽第四季毛利率約為14.5%,較第三季的15.7%保守,因該行預期公司在第四季旺季或有更多推廣措施。
大和將長汽2019-2021年的每股盈利預測上調6%至11%,以反映第三季利潤率改善勝預期。該行將公司未來三年毛利率由之前的13.1%至13.7%,調升至13.8%至14.3%,惟基於公司管理的預測,稍微降低2020年銷量預測,由116萬輛降至115萬輛。

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