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交銀國際:維持長城汽車(2333.HK)“中性”評級 目標價5.5港元
格隆匯 02-24 14:47

交銀國際發佈報告稱,長城汽車(2333.HK)早前公佈2019年度業績快報,全年歸屬於公司股東的淨利潤有44.93億元人民幣,同比下跌13.73%,每股基本收益0.49221元人民幣,期內營業收入964.55億元人民幣,同比下跌2.8%。

該行稱,2019財年業績好於銷量增長的預期,但預計長城汽車的銷售增長在2月及2020年首季度仍然具有挑戰性,供應鏈的中斷和恢復工作的延誤予其增加產量帶來了不確定性。

該行表示,維持對長城汽車目標價5.5港元及“中性”評級,疲弱的模型週期仍然是拖累股價的主要因素。同時,認為其激進的產能擴張計劃(從2019年的128萬輛增加至174萬輛)可能會壓低利潤率和現金流。

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