智通财经APP获悉，瑞银发布研报称，将长城汽车(02333)目标价由18港元下调至12港元，主要反映俄罗斯汽车报废退税政策的不确定性，但维持“买入”评级。该行认为，公司约5.5%的股息率在目前股价水平具吸引力。
瑞银表示，随着市场进一步转向纯电动车，长城汽车在纯电动车领域的投资不足意味着很可能已错失一个重要增长机会，但该行相信投资者的忧虑已被过度反映。
该行指出，按市场共识计算，公司处于6.2倍未来12个月预测市盈率，较历史平均水平低逾一个标准差，对一家有盈利能力且现金流稳健的公司而言估值过低。
瑞银分别下调公司2026-2028年净利预测35.3%、31.3%及24.8%，其中预计2026年纯为78.45亿元人民币，以反映税务不确定性及弱于预期的销售。
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