《大行》美銀證券升長城汽車(02333.HK)目標至14.6元 重申「中性」評級
美銀證券研究報告指,長城汽車(02333.HK)上半年收入達924億元人民幣(下同),按年增長1%,淨利潤63億元,按年跌10%,好過市場預期,主要受惠於政府補貼及俄羅斯報廢稅退稅。剔除非經常性項目後,上半年經調整淨利潤為36億元,按年下降36%。
細分而言,次季收入達523億元,按年及按季分別升8%及31%;淨利潤46億元,按年及按季分別升19%及1.62倍;經調整淨利潤為21億元,按年跌42%,按季升44%。次季銷量31.3萬輛,按年及按季分別升10%及22%。
美銀證券指,隨著下半年將推出多款新車型,長城汽車料每月銷量將由6月的11萬輛逐步提升至第三季末及第四季初的13萬輛;並進一步升至第四季末的15萬輛。該行將2025、2026及2027年銷量預測分別下調4.3%、下調0.3%及上調0.3%;盈利預測分別下調8%、下調4%及上調3%。H股目標價由12.8港元升至14.6港元,重申「中性」評級;A股(601633.SH)目標價由18.5元升至21.1元人民幣,重申「跑輸大市」評級。
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