《大行報告》瑞銀下調永達汽車(03669.HK)目標價至7.86元 評級「中性」
瑞銀發表研究報告,指永達(03669.HK)首季新車銷量跌30.6%,豪華車銷售跌21.3%。總收入跌24.9%。其中,新車銷售收入跌24.4%,而售後服務收入跌30.5%,令首季純利跌82.8%。目標價由7.91元降至7.86元,評級維持「中性」。
該行指,管理層表示上半年會維持去年的派息比率,同時預期今年盈利增長10%,4月份新車銷售升20%以上,首季新車銷售利潤率為2.6%,較去年同期高0.3個百分點,相信與低庫存有關。
該行降2020-22年盈利預期13-15%,並預期今明兩年盈利增長分別為6%及28%,預測相對市場比較審慎,因主要的車廠目前較看重第二季銷量,給予經銷商壓力,而目前無一間車廠維持原訂的銷售目標,預期車廠將於第二季更積極向經銷商推庫存,令今年折扣加大,另外今年的豪華車廠亦無新款推出,部份經典款,如寶馬3系及奔馳C系,除面對更大競爭外,亦面對Tesla在內地生產的Model 3競爭。
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