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大和:下調長汽(2333.HK)目標價至6.3港元 評級“跑贏大市”
格隆匯 02-18 10:43
大和發表的研究報告將長城汽車(2333.HK)2020-21年收入預測下調以反映現時新型冠狀病毒爆發帶來的影響,儘管下調預測,該行仍估計其盈利增長可達8-12%,主要受惠銷量及利潤改善,重申“跑贏大市”評級,目標價由6.5港元降至6.3港元。
該行指出公司銷量很大可能會受疫情爆發所影響,故將2020-21年銷量預測下調1-6%,主要因為消費者需求將減弱,而生產及新品推出亦有機會延遲,但受惠最近收購海外廠房,料其銷量增長仍可達1-11%。
該行指出公司在1月31日公佈擬推股權激勵計劃,計劃向1,977名核心僱員發行6,840萬股A股及1.1億份購股權,當中的業績指標包括是到2020年銷量要達到111萬台、2021及2022年則分別要達到121萬及135萬台,而三年的淨利目標分別為47億、50億及55億元人民幣。雖然受疫情影響銷售目標將面對壓力,但認為股權激勵計劃令核心僱員及公司利益方向一致,認為有助支撐公司長期利潤增長。
另外,佛山市政府最近亦推出補貼計劃,向每台車提供2,000-5,000元人民幣的補貼,以鼓勵購買或替換“國6”標準新車,認為其他城市亦有可能推類似的計劃以鼓勵買車。

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