里昂:降重汽(3808.HK)评级至“跑输大市” 目标价下调至12港元
里昂发表报告表示,下调重汽(03808.HK)投资评级,由“买入”降至“跑赢大市”,目标价由13.6港元降至12港元,此相当于预测2020年市盈率7倍。该行亦下调对重汽今明两年盈利预测5%及9%,以反映轻型卡车质素问题的影响。

该行称,重汽中期盈利上升主要受成本控制改善推升毛利率1.4个百分点至19.5%所带动。该行关注,针对燃气重型卡车的国六排放标准已於7月生效,6月的提前需求将影响第三季需求。管理层亦预期行业下半年出现倒退。
里昂亦认为,重汽轻型卡车因质量问题停产停售,负面影响盈利,轻型卡车业务中期由盈转亏。基於监管问题,该行料重汽轻型卡车销售及盈利能力不会在未来数季内恢复。
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