《大行报告》花旗下调长汽(02333.HK)评级至「中性」 指首季纯利低市场预期两成
花旗发表报告表示,决定下调长城汽车(02333.HK)投资评级,由「买入」降至「中性」将目标价由35.4元降至24.9元,此按综合方式作估值及相当於预测2022年市盈率16倍,指基於今年第二季毛利能见度转弱,旗下新能源汽车较低平均售价及毛利率、及公司面临原材料成本上升所影响.
该行指,长汽今年首季亏转盈赚16.39亿元人民币,但仍低於市场20%,并按季下跌40%,首季盈利逊预期主要因公司面临原材料价格上升,受毛利率按季下跌3个百分点所拖累。
花旗表示,下调对长汽於2021年至2023年核心EBIT毛利率预测分别至5.6%、5.7%及5.9%,料其2021年至2023年纯利复合增长率17.4%。
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