研報掘金丨海通證券:維持長城汽車“優於大市”評級,合理價值區間31.54-37.85元
海通證券研報指出,長城汽車(601633.SH)Q2歸母淨利潤39億元,同比+224%,環比+19%,歸母淨利潤貼近業績預吿上限。產品結構優化、海外銷量增長,雙輪驅動盈利能力提升。根據測算,24Q2單車收入約17.1萬元,同比+3.4萬元,環比+1.5萬元。從毛利水平來看,公司24Q2毛利率21.4%,同比+3.9pct,環比+1.3pct。認為產品結構優化和海外銷量提升雙輪驅動公司ASP和毛利水平提升。截至24H1,長城汽車已覆蓋170+國家和地區,拓展海外銷售渠道1300+家。根據長城汽車2024年半年報,長城汽車海外高端車型比例穩步上升。參考可比公司,給予公司2024年20-24倍PE,對應合理價值區間31.54-37.85元。維持“優於大市”評級。
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