《大行报告》野村上调长汽(02333.HK)目标价至17.4元 评级「减持」
野村发表研究报告指,长城汽车(02333.HK)去年净利润按年增长19%,符合预期,但第四季毛利率18.3%,反映按季下降0.7个百分点,市场原预期会扩至20%,相信是由於去年第四季原材料成本意外较高所致。该行表示,对毛利率前景抱较保守看法,预期今明两年毛利率将分别录得18%及18.5%,较市场预期低13%。
野村称,长汽於新能源汽车及智能驾驶技术平台的投资取得初步成功,先後发布新技术平台「柠檬」、「坦克」及「咖啡」,目前在低至中端市场取得稳定市场地位,去年全年新能源汽车销售量达到5.86万辆,按年增长55%,胜预期。
长汽的新能源汽车定位低至中端市场,售价介乎7万至14万元人民币,野村认为该市场目前被长汽等内地龙头车企主导。该行将公司今明两年销售量预测提升11%及13%,在平均售价预测上调4%後,今明两年每股盈利预测亦相应上调18%及22%。
惟该行指出,长汽现价水平估值过高,上调目标价至17.4元,但维持「减持」评级,相对而言偏向选择比亚迪(01211. HK)(评级「买入」)。
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