金融事业部 搜狐证券 |独家推出
Bin Wang

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工作经历: 曾供职于美林证券研究所<span style="display:none">.</span><a href="javascript:void(0)" id="toggleInfo">...>></a>

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最新买入评级

研究员 推荐股票 所属行业 起评日* 起评价* 目标价 目标空间
(相对现价)
20日短线评测 60日中线评测 推荐
理由
发布机构
最高价* 最高涨幅 结果 最高价* 最高涨幅 结果
长安汽车 交运设备行业 2017-07-28 14.36 11.23 39.44% 14.53 1.18%
14.53 1.18%
详细
A read-through of Ford Motor’s 2Q17 results showed Ford China JVs (including CA Ford and JMC Ford) 2Q17 earnings decreased 31% YoY to Rmb1.34 bn, which is the lowest in the last ten quarters. Ford JVs' contributed 90% of total Chang'an group's 2016 earnings, thus, Chang'an 2Q17 earnings is likely down 50% YoY to Rmb1.4 bn. Ford China JVs earnings drop was mainly driven by margin & selling price decline-net margin down 5.7 pp YoY / 2.3 pp QoQ to 10.7% (a three year-low). We attribute this notable margin drop to its middle-size SUV Kuga’s official price cut since April 2017. We expect the stock price to react negatively to the results miss as it may aggravate investors' concern on its earnings power outlook. We revise down Chang'an 2017-19E earnings by 30-36% with a lower margin and sales volume assumption for Ford China JVs, resulting in a lower target price to Rmb16.8 (from Rmb17.0). Upside risk is volume spike from Chang'an local brand's strong new products, especially the just launched CS55 middle-size SUV, CS95 large size SUV and Linmax 7-seat MPV.
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*说明:

1、“起评日”指研报发布后的第一个交易日;“起评价”指研报发布当日的开盘价;“最高价”指从起评日开始,评测期内的最高价。
2、以“起评价”为基准,20日内最高价涨幅超过10%,为短线评测成功;60日内最高价涨幅超过20%,为中线评测成功。详细规则>>
3、 1短线成功数排名 1中线成功数排名 1短线成功率排名 1中线成功率排名