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《大行報告》瑞銀上調長城汽車(02333.HK)目標價至14元 毛利率明顯改善
瑞銀發表報告指出,長城汽車(02333.HK)第三季業績勝預期,錄得純利36.34億元人民幣,按年增長42%,按季升2倍。每輛車淨利潤為1.1萬元人民幣,按年增長17%,按季升1.7倍。公司首九個月純利49.95億元人民幣,達市場對公司全年純利預測61.57億元人民幣的81%,市場預期或將有所上調。 該行認為,長汽第三季毛利率按季升4.3個百分點至21.7%,但較去年同期的22.5%略為放緩。管理層指盈利能力顯著改善歸因於期內銷量按年增長21%,按季升15%;供應鏈成本降低,貢獻毛利約10億元人民幣;產品結構改善。 此外,該行將長汽2023至2025年純利預測上調48%至75%,以反映公司盈利能力改善。對其目標價由13元上調至14元,評級「買入」。
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