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大行評級|大摩:予長城汽車“與大市同步”評級 第三季業績遜預期

摩根士丹利的研究報吿指,長城汽車預期由於季節性因素和政策刺激的影響下,將擁有穩固的訂單量,從而支持第四季的按季和按年的銷售增長。儘管地緣政治風險迅速演變,公司定下明確的策略,目標是在2025年實現穩定的盈利能力以及海外銷售增長30%,在進入新市場及推新車款支持下,爭取海外銷量由今年料45萬輛增至明年的58萬輛。該行對長汽H股目標價為12.2港元,評級“與大市同步”。

大摩表示,長汽第三季純利33.5億元,按年及按季分別跌8%及13%,略遜該行早已低於市場同業預期的36億元,主要因為非經營收入減少。該行引述管理層指,在黃金週期間的訂單按月增50%,並料整體訂單在10月會按月增逾15%,惟認為公司離全年銷售目標140萬輛仍有一段距離,要達到公司需要在今年第四季每月交付18萬輛以上(去年末季每月平均交付12.2萬輛)。另外,該行提出,為了避免今年國內的電動車市場競爭,長汽延遲了數款新電動車車型至明年。

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