《大行報告》富瑞上調長汽(02333.HK)目標價至11.6元 上季業績勝預期
富瑞發表報告指,長城汽車(02333.HK)第三季業績勝預期,受惠產品組合改善驅動銷售均價按年升9%、出口強勁及產能使用率兼銷量改善,收入按年升33%至495億元人民幣(下同),純利按年升42%至36億元,毛利率按季擴4.7個百分點至21.7%。
該行指出,長汽認為進入美國市場仍有阻礙,並採取觀望態度,而在日韓市場中,較多客戶對使用電動車等產品,持保守態度,故此公司正考慮歐盟、拉丁美洲、東盟、和大洋洲作為戰略市場。
富瑞又稱,長汽正計劃出口「坦克」型號和皮卡銷往泰國、澳洲、巴西和墨西哥等國家;長遠來看,管理層預料出口銷售將會佔「坦克」品牌總銷售額的一半。
該行將長汽今明兩年盈測分別上調至72億及98億元,反映出口擴張下更樂觀的銷售及毛利率展望;並將其H股目標價由10.6港元上調至11.6港元,維持其評級為「持有」。
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