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《大行報告》瑞信上調重汽(03808.HK)目標價至26.5元 評級「跑贏大市」
阿思達克 07-20 09:57
瑞信發表研究報告,指中國重汽(03808.HK)董事長譚旭光公布其目標是在第三季實現重型卡車月銷量至少2.3萬至2.5萬輛,意味第三季的重型卡車銷售累計69,000至75,000輛,按年增長96至112%。

該行指,第三季的銷售目標好過預期,雖然去年同期的基數較低,相信增長主要是受到公司通過MAN技術從高端及天然氣重型卡車搶佔市場份額的進取策略;加大工程車,尤其是攪拌車的產量;以及是市場替換需求持續強勁等原因所致。

在上半年,雖然受到疫情影響,但公司的重型卡車銷售按年增長15%,而輕型卡車的銷售則按年增長46%至7.46萬輛。因此,該行預期公司上半年有32.6億元人民幣盈利入帳,按年增長31%。

考慮到公司的銷量及產品組合好過預期,將其2020至2022年的盈利預測上調12至20%,目標價由原來的18.5元上調至26.5元,維持「跑贏大市」投資評級。

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