You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
美銀證券:降長汽(2333.HK)評級至“跑輸大市” 目標價下調至5.5港元
格隆匯 12-10 10:58

美銀證券發表研究報告,表示見到長城汽車(02333.HK)短期內有庫存風險,或對未來零售價格帶來壓力,並限制獲估值重評的空間;加上其明年及後年進取產能擴張計劃,或限制使用率及毛利改善幅度。因此,該行下調長汽H股評級,由“買入”降至“跑輸大市”

報告指出,長汽月度批發量高於9月及10月的零售量,因此估計其渠道庫存量已超過兩個月,倘情況持續,未來或需因為去庫存而擴大價格折扣,明年為長汽帶來下行風險。另外,據管理層預測,至2021年總銷量將達到125萬台,基於長汽最新的擴張計劃,其產能很可能從今年的128萬台增加到2021年的174萬台。美銀預測其利用率於將由今年的84%,逐步下降至明年的82%及2021年的68%,換言之產能擴充或限制未來兩年的利用率及利潤率提升空間。

美銀將今年至2021年每股盈測分別下調9.4%、11.7%及24.3%,以反映經營利潤率預期下降的影響,目標價亦由6.8港元下調至5.5港元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account