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《大行報告》花旗降長汽(02333.HK)目標價至6.18元 評級「買入」
阿思達克 03-16 09:47
花旗發表研究報告,指長城汽車(02333.HK)經考慮新型肺炎疫情對經濟單次性影響後,今年銷售目標為102萬架,純利目標45億元人民幣。該行以更保守的計算作基礎,下調其2019至2021年各年純利預期至分別42億、34億及52億元人民幣,當中包括假設2020/21年度銷售為96.4萬架及110萬架、2019至2021年各年核心EBIT率為5.3%、5.3%及6.5%、2019至2021年各年自由現金流分別為22億、13億及3.63億元人民幣。

該行指出,公司庫存量自去年12月起連續三個月下降,若補貨或去庫存於第二季沒有發生,預期9.6萬架的庫存相當於1.5個月的庫存日數,即相當於去年第二季平均零售水平。

花旗表示,經計入中長期復甦預期估算,將目標價由7.28元降至6.18元,目前其股價已降至近一年低,現估值相當於今年預測市帳率0.7倍,風險回報吸引,予評級「買入」。

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