《大行報告》花旗下調重汽(03808.HK)目標價至14元 評級「中性」
花旗發表研究報告,指重汽(03808.HK)2019財年業績好壞參半,收入按年跌1%至622億元人民幣,符合預期,盈利按年下跌23%至33億元人民幣,較該行預期低19%,主要是由於一次性項目所致。
該行指撇除一次性費用後,重汽去年核心盈利按年下跌10%。去年下半年銷售及行政開支按年增長30%,對營業利潤率構成壓力。
花旗表示,將公司2020年的每股盈利下調13%至1.455元人民幣,目標價由原來的16元下調至14元,維持「中性」投資評級,仍對重型運輸行業的中期前景保持樂觀審慎態度,認為在各方面實施的支持政策或會在今年第二至第三季推動替代需求。但該行留意到,若疫情延續至下半年,目前對重汽預測將存有重大下行風險。
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