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研報掘金丨華龍證券:長城汽車盈利能力優秀,維持“買入”評級
格隆匯 03-31 15:54

華龍證券研報指出,長城汽車(601633.SH)24年實現歸母淨利潤126.92億元,同比+80.76%;高端化+全球化推動銷量結構改善,單車收入同比+16.49%。公司2024年經營活動現金流量淨額同比+56.49%至277.83 億元,主要系海外銷量增長收現增加,以及受國內銷售收款週期影響票據到期託收增加。公司盈利能力優秀,2025年進入產品大年,在智能化升級賦能下有望推動銷量顯著增長。考慮到乘用車市場競爭激烈,競爭對手產品及定價策略激進,下調公司盈利預測,公司估值水平低於可比公司平均值,維持“買入”評級。

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