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《大行報告》中金:長汽(02333.HK)受多個因素拖累毛利率 滬車展開啟新車上市周期
阿思達克 04-22 14:35
中金發表研究報告指,長汽(02333.HK)首季扭虧為盈,期內銷量達銷量33.9萬輛,與2019年同期相比增長19.4%,季度銷量創近年新高,但首季毛利率按季下跌3.1個百分點至15.1%。

該行解釋,主要由於原材料成本上升,令每車成本上升約1,000至2,000元人民幣,拖累毛利率約1至2個百分點;產品組合改變,新能源車型銷量增加,壓低整體毛利率;同時產量下降、批發量較零售少,令分攤成本增加。

中金認為,長汽終端需求旺盛,高單價高毛利車型訂單充裕,相信未來銷量增長將加快,加上長汽計劃推出售價更高的新能源汽車,預期對毛利率的影響將逐步減少。

中金又指,上海日前舉行車展,長汽在展覽上宣布2025年全球坦克品牌銷量達到50萬輛等目標,預期新車上市周期已開始,維持今明兩年盈利預測不變,考慮芯片供應等不確定因素,將目標價下調至30元,維持「跑贏行業」評級。

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