《大行報告》大摩維持對長汽(02333.HK)毛利審慎看法 評級「減持」看16元
摩根士丹利發表研究報告,指長城汽車(02333.HK)首季稅後純利錄16億元人民幣,較2019年首季升112%,按季則跌41%。毛利按季收縮3.2個百分點至15.1%,主因原材料成本上升,包括汽車晶片短缺,以及季節性銷售按季放緩,但倘與2019年首季比較則大致穩定。
報告引述管理層稱,預期汽車晶片短缺將於第二季逐漸緩解,更高利潤車款如Tanke及哈弗H6銷售料提振整體毛利率復甦。在強勁車款周期下,大摩維持對其毛利勢頭審慎看法,料原材料成本壓力將壓抑市場預期。該行維持予長汽「減持」評級,以現金流折現率計,目標價16元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.