《大行报告》中金:长汽(02333.HK)受多个因素拖累毛利率 沪车展开启新车上市周期
中金发表研究报告指,长汽(02333.HK)首季扭亏为盈,期内销量达销量33.9万辆,与2019年同期相比增长19.4%,季度销量创近年新高,但首季毛利率按季下跌3.1个百分点至15.1%。
该行解释,主要由於原材料成本上升,令每车成本上升约1,000至2,000元人民币,拖累毛利率约1至2个百分点;产品组合改变,新能源车型销量增加,压低整体毛利率;同时产量下降、批发量较零售少,令分摊成本增加。
中金认为,长汽终端需求旺盛,高单价高毛利车型订单充裕,相信未来销量增长将加快,加上长汽计划推出售价更高的新能源汽车,预期对毛利率的影响将逐步减少。
中金又指,上海日前举行车展,长汽在展览上宣布2025年全球坦克品牌销量达到50万辆等目标,预期新车上市周期已开始,维持今明两年盈利预测不变,考虑芯片供应等不确定因素,将目标价下调至30元,维持「跑赢行业」评级。
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