野村:維持長城汽車(2333.HK)17.4港元目標價 評級減持
野村發表研究報吿指,長城汽車(2333.HK)在電動汽車平台和智能駕駛技術方面獲得的投資幫助,在電動汽車銷售方面取得了初步成功,並在低端市場中獲得了堅實的立足點,惟該行指,今年首季業績證實了其利潤率受壓,維持目標價為17.4港元及減持評級。
野村表示,集團今年首季純利為16.39億元人民幣,佔該行全年盈利預測的23%,不過,僅佔市場預期全年預測的19%。雖然銷量按季僅跌16%,但純利卻減少41%,主要因為毛利率收窄至只有15.1%。
野村對長城汽車今年上半年的利潤率前景持謹慎態度,因為自去年第四季以來原材料和成本上漲一直是整個行業的普遍現象。因此該行認為,市場預期集團的每股盈測或面臨下調壓力。
野村續指,在電動車領域,長城汽車今年首季銷量達3.07萬輛,佔其總銷量的9%。集團的電動汽車品牌以ORA品牌定位於中低端市場,零售價格從7萬至14萬元人民幣不等。這是仍然由少數幾個主要的中國本地汽車製造商(包括集團)主導的細分市場。
不過,該行指出,長城汽車將面臨挑戰,即當更多傳統的代工生產推出類似的大眾市場產品時,集團能否捍衞這一市場,以及可否將其規模擴大到更具競爭力的中高端市場。

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