瑞信:長汽(2333.HK)11月銷售遜預期 維持“中性”評級
瑞信發表報告表示,長城汽車(02333.HK)11月汽車銷售按年跌13%,為過去六個月首次錄按年下跌,表現差過市場預期;至於首十一個月累計銷量按年升4%至95.4萬輛,正邁向公司全年銷售107萬輛的目標。
數據顯示長汽之經銷商庫存量於過去三個月明顯增加,因此上月公司將批發量下降目的是減少11月份經銷商級別的庫存。因此,公司亦加大折扣去庫存,由5月之5.9%增至11月之9.2%。
該行維持長汽“中性”評級,認為並估值不吸引,但對其中期前景感正面,目標價亦維持6.2港元不變。

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