Tiger Brokers

【大行评级丨星展：下调长城汽车目标价至17.5港元 交付量正在逐渐恢复】星展发表研究报告指，长城汽车今年首季交付量受到车型转型周期影响，期内销量按年跌7%，但该行指交付量正在逐渐恢复，4月的销售已按年增长约6%。随着新车型推出，该行料2025/26财年销量将有9至10%增长。该行仍将全年盈利预测下调6%至7%，以反映首季销量较弱，料2024至26财年盈利年均复合增长率为9%；H股目标价由19港元降至17.5港元，维持“买入”评级，并认为销量改善预期将有助推动股价。报告又提到，集团专注开发高利润产品的策略将在未来带来回报，预计毛利率在今年首季降至17.8%后，将回升至约19%水平。

金融界
26 May
星展发表研究报告指，长城汽车今年首季交付量受到车型转型周期影响，期内销量按年跌7%，但该行指交付量正在逐渐恢复，4月的销售已按年增长约6%。随着新车型推出，该行料2025/26财年销量将有9至10%增长。该行仍将全年盈利预测下调6%至7%，以反映首季销量较弱，料2024至26财年盈利年均复合增长率为9%；H股目标价由19港元降至17.5港元，维持“买入”评级，并认为销量改善预期将有助推动股价。报告又提到，集团专注开发高利润产品的策略将在未来带来回报，预计毛利率在今年首季降至17.8%后，将回升至约19%水平。

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