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《大行報告》大和下調長城汽車(02333.HK)目標價至12元 評級「買入」
大和發表報告,下調長城汽車(02333.HK)今明兩年淨利潤預測15%至17%,主要是考慮到市場定價競爭和今明兩年新能源汽車的滲透率可能上升,而這可能拖累毛利率,因此將今明兩年毛利率假設下調1個百分點,至介乎14%至15%。 該行認為長汽今年的關鍵戰略是在必要時以犧牲毛利率為代價來提高其在新能源汽車的市場份額。考慮現估值不高,只相當於預測市盈率12倍,且市場對其盈利預期低企,維持「買入」評級,目標價由14元降至12元。 該行料長汽核心催化劑是核心哈弗混能車款的未來銷量,以及4月展開的上海國際車展將是另一潛在催化劑,因長汽將公布新車款。
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