研報掘金丨海通證券:維持長城汽車“優於大市”評級,目標價30.32-33.35元
海通證券研報指出,長城汽車(601633.SH)2024年歸母淨利潤127億元,同比+80.8%,落在業績預吿中樞。24Q4歸母淨利潤23億元,同比+11.7%,環比-32.4%。銷量穩健向上,24Q4交付量同環比雙升。根據測算,公司24Q4單車收入約15.7萬元,同比+1.1萬元,環比-1.5萬元。智能駕駛方面,公司基於SEE 一體化智駕大模型,開發了無高精地圖全場景城市NOA,可精確應對複雜路況,提升駕駛效率和舒適度。考慮到公司2025年公司新能源新車週期開啟,給予公司2025年16-18倍PE,對應合理價值區間30.32-33.35元。維持“優於大市”評級。
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