大和:升長城汽車(2333.HK)評級至“跑贏大市” 目標價上調至6.5港元
大和報告指看到長城汽車(02333.HK)2020至2021年的前景有改善,受到銷售及毛利率提升所帶動。同時,該行認為公司自去年11月初以來股價調整16%後,目前的估值吸引。
在看到最近的銷售數據及定價壓力後,該行將公司2019至2020年的每股盈利預測分別下調1.9%,2021年則上調0.1%。對於2019年第四季的表現,該行預期毛利率錄14%,較第三季的15.7%有所下跌,但仍較2018年第四季的10%高。整體而言,該行預期公司的毛利率表現將會由2019年的13.6%,温和增長至2021年的14.4%。
大和將長城汽車的投資評級由原來的“持有”上調至“跑贏大市”,目標價由原來的6.3港元調高至6.5港元,以反映該行的盈利預測調整。

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