《大行報告》美銀證券上調濰柴動力(02338.HK)目標價上調至16元 評級「買入」
美銀證券發表研究報告指,濰柴動力(02338.HK)今年首季純利受疫情拖累,按年倒退20%至20.64億元人民幣,收入亦下跌14%;但由於公司於去年12月至今年1月有約2萬部重型卡車引擎銷售收入延遞確認,令期內毛利率按年提升0.8個百分點。
該行表示,今年4月份中國重型卡車銷售料可按年及按月上升20%至25%,考慮到高速公路貨運恢復得較快,將今年重型卡車物流車隊規模增幅預測,由3.9%提升至5.1%,並將全年中國重型卡車銷售估算由跌4%調整為升1%,當中第二季料增長11%,而今年下半年至明年則增長5%,預期替換需求增長可以抵消新需求下降,疫情後料新需求亦會恢復。
美銀將濰柴動力2020至2022年盈利預測升4%至6%,當中今年下半年及明年住年可分別增長10%及15%,重申「買入」評級,目標價16元。
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