研報掘金丨東北證券:予長城汽車“買入”評級,出海創造新增長
東北證券研報指出,國內硬派越野車的市場仍然有很大的成長空間。長城汽車(2333.HK)穩坐國內硬派越野第一,出海創造新增長。長城汽車擁有完整的硬派越野車產品線。哈弗品牌有工具屬性用車哈弗H5以及中高端產品哈弗H9。坦克系列完成了20-50W價格帶傳統與新能源硬派越野車全覆蓋。目前在售車型有坦克300/400/500三款燃油、坦克300/400/500/700的新能源車型。新車型不斷投放疊加出海增長,預計長城汽車2025-2027年淨利潤分別為129.8、153.7與171.8億元。2025年修復至10倍PE,對應其整體估值為1298億元人民幣,給予“買入”評級。
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