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瑞信:升中国重汽(3808.HK)目标价至11.6港元 评级“中性”
格隆汇 09-02 14:35
瑞信发表研报,指中国重汽(3808.HK) 上半年盈利升3%,主因重型货车营运利润率提升2.7个百分点,轻型货车货车和巴士分部经营利润率下跌至负1.9%。
该行指,重型货车的改善是因公司录增值税优惠,而轻型货车亏损则是因地方政府收紧对厂房登记的控制所致。该行预期重班货车收入会自9月起下跌,因天然气货车需求提前于上半年呈现,基建投资转弱,及高基数影响。
因应重型货车表现胜预期,升盈利预期1-5%,目标价由11港元升至11.6港元,评级维持“ 中性 ”。
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