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美東汽車(01268.HK):疫情影響不改公司成長性,給予“持有”評級,目標價 26.1 港元
格隆匯 08-25 11:30

機構:國元證券

評級:持有

目標價:26.1 港元

投資要點

公司豪華品牌佔比持續提升:

疫情背景下,豪華品牌抗風險凸顯,銷量增速跑贏市場 16.4pct,2 季度恢復強勁。受益於此,公司上半年實現新車銷量+7.9%,其中豪華品牌銷量+19.1%。豪華品牌收入貢獻佔比持續提升,達 84.3%,寶馬、保時捷、雷克薩斯分別佔 39.8%、20.6%、23.1%。

門店穩步擴張,店齡年輕,未來仍有較大盈利增長空間:

公司堅持“豪華品牌+單城單店”策略,2020 年上半年公司新增 2 家門店至 60 家,年底有望達 65 家。公司店齡的平均數與中位數分別為 4 年 與 3 年左右,與同行相比明顯年輕。未來隨着店齡的成長,客户基盤逐漸擴大,售後服務的提升將大幅提高單店盈利能力。

疫情背景下,公司高週轉優勢凸顯:

維持高週轉一直是公司首要經營原則,公司上半年庫存週轉天數降至 12天曆史最佳水平,行業領先。同時,公司費用管控成效明顯,銷售+管 理+財務費用率下降 0.5pct 至 6.1%,推動淨利率提升至 3.6%。

上調目標價至 26.1 港元,更新“持有”評級:

我們認為,公司品牌組合優異,店齡年輕盈利性提升空間大,且單城市單店策略具有較高護城河,公司未來有望延續高成長性。我們上調公司2020/2021 每股盈利預測至 0.65/0.84 元,上調目標價至 26.1 港元,對應21 年 28 倍 PE,更新“持有”評級。

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