長城汽車 (2333.HK): 降本增益初顯成效 May 4, 2018

投資概要

  • 一季度業績小幅回升
  • 降本增益初顯成效
  • 銷售結構上移,出口見起色
  • 新能源戰略佈局推進中

18 年一季度業績小幅回升

長城汽車的2017 年營業收入錄得1011.7 億元,僅同比增長 2.6%,歸母淨利潤同比大幅下滑52.35%,至50.3 億元。每股收益0.55 元,業績大跌主要是上半年舊品大幅促銷,新品還未體現規模效應導致毛利受損(下降6 個百分點),以及新品上市廣告宣傳遠高於預期。

長城汽車18 年第一季度業績報告(中國會計準則),營業收入同比增長14.0%至人民幣265.7 億元,歸母淨利潤同比增長6.5%至人民幣20.8 億元,每股收益為0.23 元,去年同期為0.21 元,業績略好於之前市場預期。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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