《大行報告》瑞信下調長汽(02333.HK)目標價至10.9元 評級「中性」
瑞信發表報告指,長城汽車(02333.HK)去年第四季業績遜於市場預期,經常性淨利潤按年下降64%和按季下降91%至1.96億元人民幣,經常性淨利潤率爲0.5%低於預期令人意外,是過去十一個季度以來的最低水平。
該行引述長汽指,利潤率下降是由於顯着提高經銷商回扣以減少內燃機(ICE)汽車庫存,爲集團從內燃機製造商向高增長新能源汽車市場領導者的戰略轉型做準備;員工的季節性年終獎金飆升,尤其是對於業務發展快速成長的管理培訓生。集團今年的銷量目標爲160萬輛,按年增長50%,其中40至45%將會是新能源汽車。根據公司指引,這些新能源汽車中,60%爲插電式混合動力汽車,其餘40%爲純電動汽車。
瑞信表示,考慮到利潤率低於預期,將長汽2022至2024年的每股盈測下調16.2至38%,對H股目標價由11元下調至10.9元;將長汽(601633.SH)目標價由11元人民幣降至10.5元人民幣。
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