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《大行報告》大和下調長汽(02333.HK)目標價至15元 評級「買入」
阿思達克 01-13 09:50
大和發表報告指,參加了長城汽車(02333.HK)分析師會議。重申「買入」評級,認為公司有潛力在今年恢復銷量增長,而目前估值具吸引力。不過,目標價由27元下調至15元,相當預測市盈率14倍。同時將去年和今年收入預測下調22至32%,每股盈利預測下調7至40%,以反映哈弗H6和WEY去年銷售量差過預期因而下調對公司去年和今年銷售量預測。 該行指,長汽去年第四季銷售量按年大幅下降,公司削減了今年淨利潤目標。去年第四季銷售量為26.52萬架,按年下降34%,低於該行預期,認為雖然Tank系列銷售的擴張和ORA車型價格的上升趨勢,可能會令季內的產品結構繼續改善,但由於產能利用率較低,毛利率將面臨壓力,預計季內毛利率將由第三季19%降至15%。 大和指,長汽去年12月底宣布將今年股權激勵計劃的淨利潤目標由115億元下調至60億元人民幣,並將銷售量目標從280萬架下調至160萬架,顯示增長勢頭較預期弱。另外,公司將在今年推出6至7款新車型,並調整營銷策略。
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