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《大行报告》美银证券下调永达汽车(03669.HK)目标价至12.4元 评级「买入」
阿思达克 08-26 13:50
美银证券发表研究报告指永达汽车(03669.HK)上半年销量和售後服务收入都下跌,但第二季呈现显着改善,其中新车销量按年持平,豪车销量则升8%,新车销售额升15%,豪车销售更升18%,新车销售利润率为2.69%,高於首季的2.55%及去年上半年的2.39%;次季新车周转天数同比减少7天至28.2天。

该行指,店铺数目至6月底为214间。第二季宝马和保时捷的销售增长分别为40%及20%,销量分别升15%及8%。上半年新车销售利润改善,宝马於第二季折扣亦见收窄。

该行引述管理层指,预期今年售後服务收入增长20%,而二手车业务下半年可增长30%以上。该行调降公司2020-22年纯利预测分别2%、3%、3%以反映较高营运开支假设,目标价由12.8元降至12.4元,重申「买入」评级。

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