大行評級|美銀:上調長汽目標價至16.9港元 首季業績表現強勁
美銀證券發表研報指,長汽今年首季業績表現強勁,主要是受到產品結構改善及海外市場銷售增長的帶動,當中高利潤率的Tank品牌、皮卡產品及海外市場銷售貢獻提升,均有助於驅動利潤增長。該行指出,長汽在中國市場的盈利能力相對穩定,降價幅度較同業小,預計集團今明兩年毛利率水平可保持在20%左右。去年10月至今長汽的股價已累升超過30%,考慮到海外銷售和Tank帶來的利潤貢獻增加,該行將今明兩年盈利預測分別上調15%及13%,目標價從13.8港元上調至16.9港元。美銀預期,集團的出口銷售佔比可能會從2023年的26%,提高至今年的30%以上,推動盈利進一步提升,重申“買入”評級。
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