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《大行報告》大和首予美東汽車(01268.HK)「跑贏大市」評級 目標價21.93元
阿思達克 07-28 09:53
大和發表研究報告,首予美東汽車(01268.HK)「跑贏大市」評級,目標價21.93元,認為公司2020至2022年盈利年均複合增長可達43%,而淨利潤率亦將改善1個百分點。

該行指出內地豪華汽車銷售去年增至310萬台,而2015年時僅190萬台,意味年複合增長達12%,高於整體乘用車同期的2%增長,相信豪華汽車增長勢頭在2020至2022年將維持強勁,主要因為高端車生產商或會加快本土製造步伐,進一步降低均價及推動銷售,此外亦會有較大的換車需求;而受疫情影響,部分城市車牌限額亦有所放寬,由於美東汽車有72%的收入是來自豪華汽車,料2020至2022年其銷量年均複合增長可達26%。

大和指出公司存貨周轉期是行內最短,去年錄僅17天,加上其資本使用較具效益,而公司亦正加快資金周轉及縮短投資回本期。通常售後服務都是經銷商的主要盈利來源,但公司一半店舖開店少於三年,售後服務仍未是主要的增長引擎,該行料售後服務收入2020至2022年的年複合增長將達43%,到2022年將貢獻整體收入的15%,而盈利能力改善將助公司在汽車銷售週期中更具韌性。

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