大行評級丨美銀:下調長城汽車目標價至12.8港元 小幅下調今年至2027年銷量預測
美銀證券發表報告指,長城汽車今年首季銷售按年跌7%至400億元,銷量同樣按年跌7%,主要因爲期內爲新車型過渡期;毛利按年跌1.5個百分點至17.8%,季內淨收入在撇除一次性項目後,將錄得按年跌27%至15億元。公司將今年出口銷售目標由55萬輛下調至52萬輛,主要受到俄羅斯需求轉弱影響,部分獲穩健的海外市場新車型項目及如美國中部和中東等其他市場的增長強勁所抵銷。公司計劃今年推出數款新車型,以提高銷量。
美銀考慮到首季業績,下調今年至2027年的銷量預測各自0.3%,毛利率預測分別降2.5個、2.3個及1.6個百分點,淨收入預測分別下調15%、10%及8%。該行將長城汽車H股目標價由14.6港元下調至12.8港元,維持“中性”評級。
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