《大行報告》花旗升長汽(02333.HK)目標價至20.8元 料明年銷量按年增40%
花旗發表報告,預期長城汽車(02333.HK)明年銷量將按年增長40%至150萬輛,突破過去五年每年平均銷售約110萬輛的樽頸,主要由於強勁的型號周期,令集團售價低於12萬元人民幣的SUV的市場佔有率,由2019年及今年的分別10%及14%,上升至2023年的33%;經反映旗下「貓」系列新能源銷售將在今明兩年達最少4萬及9.9萬輪,並於2022年達14.4萬輪,及集團與寶馬合營的新產品。
花旗提到,集團兩間新廠房的新一代「WEY」品牌高檔型號及其他新產品將在明年推出。整體而言,估計其明年的利用率達100%至120%。該行調整對長汽今年至2022年的銷量預測,由原先分別預期為106.6萬、129.4萬及137.5萬輛,調升至109萬、152.1萬及167.8萬輛。
花旗又上調長汽股份目標價,由15.9元升至20.8元,評級維持「買入」,並調升集團明年及2022年盈利預測18.2%及27.4%,以反映更為向好的銷量及毛利預測,和廣州汽車展的產品評價正面,最新預測集團明年每股盈利將按年增長113%。
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