國泰君安:東風(0489.HK)回A基本有利 補充資金擴融資平台
東風汽車(0489.HK)擬申請A股的首次公開發行計劃並在深交所創業板市場上市,發行的A股數量不超過9.573億股,不超過公司總股本的10%。發行價格將在以後確定。假設發行價格與最後交易日(7月27日)相同,募集的資金約為44億元人民幣。
國泰君安發出研究報告指出,東風汽車在商用車領域一直非常強大,目前是第二大重型卡車製造商,市場份額穩步增長。相比之下,乘用車市場則相對疲軟,在自主品牌和法國品牌的拖累下,銷量波動較大。報告認為薄弱的產品線及競爭力是導致乘用車增長較慢的主要原因。因此,A股發行對公司基本有利,因為募集資金將主要用於開發新能源汽車、新技術項目和數字化平台項目。此外,由於受到新冠病毒疫情的打擊,汽車廠商普遍都會從不同途徑籌集資金。因此,擬在深交易所進行的IPO將補充其營運資金,並擴大其融資平台。
6月的銷售數據繼續顯示東風汽車已經復甦,尤其是在商用車的推動下。同時,隨着東風本田將全面復產,預計日本品牌將繼續推動整體乘用車銷售。報告預計公司對商用車銷售的依賴將使公司的基本面受益,並且公司估值在汽車板塊具吸引力。國泰君安對東風汽車的投資評級為“收集”,目標價為6.10港元,相當於4.4倍2020年市盈率,4倍2021年市盈率。

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