《大行報告》大和上調長城汽車(02333.HK)目標價至15元 規模擴大可能帶來強勁盈利能力
大和發表報告指,長城汽車(02333.HK)第三季業績強勁,純利按年升42%、按季升206%至36億元人民幣,期內因為電池原材料價格下跌,以及規模效益下,上游供應鏈成本節省10億元人民幣。另外,高端產品佔比增加,以及海外銷售提升,亦帶動毛利率改善,管理層預期海外銷售毛利率較本地銷售高出5至10個百分點,目標明年海外銷售額按年上升20至30%。
該行將今年至2025年三年期間的收入預測,上調4至11%,主要因為產品線強勁,有助提升市場份額,毛利率預測亦上調0.8至1.1%,目標價由11元上調至15元,維持「買入」評級。
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