《大行報告》瑞銀下調長汽(02333.HK)目標價至16元 評級「買入」
瑞銀發表報告,指長汽(02333.HK)正在轉型,降其2022至2024年各年每股盈測分別27%、21%及13%,目標價由39元大削至16元,主要原因是其電動車業務估值下滑,部分原因是在目前充滿挑戰的環境下盈測被削減。
瑞銀指,長汽最近轉採利潤最大化的策略,首季銷售均價按年增長29%,每輛車的淨利潤按年增長19%。該行認為戰略具合理性,但卻導致一些電動車產品停產,如黑貓和白貓,並進一步發展高排放的內燃車,似乎是向電動車轉型的減速。不過,本年至今股價回落61%之後,該行認為長汽目前估值完全低估了電動車計劃。由於估值不高,維持「買入」評級,並預計產品組合升級和新產品貢獻將推動股價上漲。
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