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《大行報告》中金升長汽(02333.HK)目標至9.6元 指現金流改善及效率提升
阿思達克 08-31 14:25
中金發表的研究報告指,長汽(02333.HK)上半年收入按年跌13.2%至359.3億元人民幣(下同),純利11.5億元,按年跌24.5%。次季營業收入按年升25.4%至235.1億元,純利18億元按年升141.5%,符合之前的快報。

該行指出,剔除政府補助和匯兌損失等,期內經營利潤增長扎實。次季非經常性損益2.5億元,其中主要受惠政府補助1.9億元。次季毛利率達到17.4%,按年擴闊1.5個百分點,基本回到去年第四季度的水平。另外公司皮卡和SUV盈利能力雙升,次季公司單車收入達到9.61萬元,按年升6,651元,單車淨利潤達到7,739元,接近2018年以來的高點。

在現金流層面,次季公司經營性現金淨流入89.9億元,按季有所改善,此外應收賬款及存貨周轉天數均有改善,反映經營效率提升。

中金認為公司在自動駕駛、電子電氣架構等領域的前沿技術布局將持續賦能產品力提升,而新平台新車型的快速換代將成為銷量增長的重要驅動力,其中現有車型的換代將幫助公司的產品銷量更進一步,同時銷量增長將帶動規模效應,加上新車推出利好折扣收窄,平台化帶動零部件降本,都將助力單車盈利繼續回升,將公司目標價由升6.7%至9.6元,評級「跑贏行業」。(el/u) ~

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