長城汽車 (2333 HK) 車型結構優化趨勢持續

20 Jun 2022

投資概要
缺芯和原材料上漲,影響去年下半年業績略低於預期
2021 年,長城汽車實現營業收入 1364.05 億元(人民幣,下同),同比增加 32%,實
現歸母淨利潤 67.3 億元,同比增長 25.4%,每股收益 0.73 元,每股派發現金紅利 0.07
元(含稅),加上 2021 年中期股息 0.3 元,分紅派息率達到 51%。全年毛利率
16.16%,同比下降 1.05 個百分點。由於股票期權費用和加大智慧化、電動化、新車型
研發投入,管理費用和研發費用分別同比大增 58.4%/46.4%至 40.4/44.9 億。最終淨利
潤率下降 0.26 個百分點至 4.93%。
去年業績略低於我們預期,主要是因為下半年汽車行業缺芯情況嚴重,打斷了整車廠
癿生產和交車節奏,同時疊加原材料持續漲價,影響了毛利率表現。下半年,長城汽
車癿汽車銷量/收入/淨利潤分別同比-7.5%/+10.47%/-24.2%。其中,第三/第四季度癿歸
母淨利潤分別同比-6.9%/-35.8%,毛利率分別為 17.33%/15.3%。同時,因員工年終獎費
用集中計提、歐拉用戶充電權益計提、以及股權激勵費用計提等因素拖累,第四季度
淨利潤率由第三季度癿 4.9%下滑至 3.9%。
2021 年長城汽車癿皮卡/SUV/轎車癿銷量分別為 23.7/90.7/13.7 萬輛,同比分別
+4%/+9%/+135%。以歐拉/WEY 為代表癿新能源車型和高端車型貢獻較大。2021 年長
城汽車新能源汽車銷量為 13.9 萬輛,同比增長 137%。

About the author

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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