《大行報告》瑞信:長汽(02333.HK)4月銷量受疫情拖累 管理層料本季毛利率前景正面
瑞信發表研究報告指,長城汽車(02333.HK)4月銷量按年跌41%至5.38萬輛,與行業跌勢一致,主要是受到疫情拖累,上海、江蘇及吉林零部件供應商停產,令長汽生產受阻。
長汽於4月14日叫停SUV車型坦克300的生產,至22日起才恢復。瑞信認爲,目前僅爲疲軟的復甦,指出現時物流及製造供應鏈面對困難,長三角零部件供應商的產能利用率仍處於非常低的水平。
按每週爲基礎,長汽4月份零售銷售逐漸改善,管理層預期5月份改善趨勢能夠持續,並對第二季利潤率前景持正面態度。瑞信指,近期「好貓」系列產品提價及公司叫停虧損的「黑貓」及「白貓」生產,令歐拉品牌電動汽車業務利潤率有望改善。
瑞信認爲,長汽資產負債表強勁,同時新產品的推出料帶來良好的中期增長,維持「跑贏大市」評級,目標價22元。
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