《大行》大和升长城汽车目标价至22元 上调明年净利润预测

AASTOCKS
Nov 19, 2025

大和研究报告指,长城汽车(02333.HK)第三季收入达612亿元人民币(下同),按年及按季分别增长20.5%及17%。净利润23亿元,按年及按季分别下跌31%及50%。首三季收入1,536亿元,按年增长8%;净利润86亿元,按年下降17%。该行指,长汽首三季集团加速直营(DTC)渠道建设及新车型投入,导致销售费用及研发费用分别按年增加55.5%及7%,而品牌推广及广告投入增加亦压缩整体毛利率。...

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