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《大行報告》中金下調長汽(02333.HK)目標價至11.5元 年末成本項攤薄上季盈利
長城汽車(02333.HK)預計去年營業收入1,734.1億元人民幣,按年升26.3%,淨利潤70.1億元人民幣,按年跌15.2%;中金發表報告指,其業績快報基本符合市場預期,新能源汽車及出口銷量增速亮眼,產品結構改善趨勢明顯,第四季度扣非利潤按季降幅較大,主要因為計提年終獎、經銷商返利等因素所致,剔除有關影響,整體盈利能力保持。 該行指,今年多項品牌繼續發力,伴隨渠道鋪設調整到位、產品序列優化完善,混動車型有望進一步增量。長城汽車持續推進全球銷售網絡拓展及海外產能搭建,規劃2025年實現海外年銷百萬輛,海外本土生產超過40萬輛,相信國內高毛利車型及海外銷售持續提升,支持推進新能源轉型。 中金指,考慮長汽去年第四季年終獎計提影響,下調去年盈利預測17.5%至70.1億元人民幣,基本維持今年盈利預測,明年盈利預測為115億元人民幣,維持「跑贏行業」評級,下調目標價21%至11.5元,對應今年預測市盈率9倍。
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