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《大行報告》美銀證券下調長汽(02333.HK)目標價至24元 評級「買入」
美銀證券發表研究報告指,長城汽車(02333.HK)2月份銷量達到7.1萬輛,分別按年及按月下跌21%及 37%,主要由於疫情爆發導致汽車零部件供應鏈受阻,今年首兩個月長汽總銷量按年跌20%至18.3萬輛,分別達到美銀全年預測的11.4%及公司目標的9.6%。 由於有大量訂單積壓,加上原材料價格上升及電動汽車補貼削減導致虧損,長城汽車2月底宣布暫停接受歐拉黑貓及白貓車型的新訂單,而歐拉好貓車型則在上調價格後於3月起重新開始接單。 該行預計,長城汽車將受到俄烏衝突導致的出口銷量下降及匯兌損失輕微負面影響,未來並將再面對原材料漲價及零部件供應受阻所導致的銷量下降。考慮到俄羅斯烏克蘭衝突及2月銷量表現,美銀將長汽2022至2023年銷量預測下調5%,同時由於原材料成本增加及產量減少,相應將2022至2023年盈利預測下調15%及4%,重申「買入」評級,目標價下調至24元。
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