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研報掘金丨國泰君安:長城汽車8月銷量略超預期,維持“增持”評級
國泰君安研報指出,長城汽車(601633.SH)8月銷量略超預期,考慮到2023年以來行業競爭加劇帶來的價格戰影響,戰略轉型期渠道及研發投入加大,維持2023-2025年EPS預測為0.48/0.99/1.56元。考慮到公司在新能源及智能化領域的轉型加速,給予公司2024年37倍PE估值,高於行業平均水平,維持目標價36.63元,維持“增持”評級。公司8月銷量共計11.4萬輛,同比增長32%,環比增長5%,繼續保持增長態勢,本年累計銷量74.2萬輛,累計同比增長5%,海外銷售3萬輛,同比實現高速增長100%,銷量佔比達26%,海外銷量在此創新高。公司新能源車型銷量2.6萬輛,同比增長120%,環比減少9%,2023年累計銷售新能源車型14.8萬輛,累計同比增長71%。
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