《大行報告》瑞信上調重汽(03808.HK)目標價至27.5元 附屬第三季發盈喜
瑞信發表的研究報告指,中國重汽(03808.HK)的A股附屬中國重汽(000951.SZ)發盈喜,勝市場預期,料第三季盈利將按年升134%至270%,至介乎4.22億至6.67億元人民幣;該A股附屬首三季盈利料達11.5億至13.95億元人民幣,達市場對其全年預測的75%至91%。該行認為盈喜後市場有機會上調盈利預測。
該行指出期內盈利表現勝預期,主要因為重型卡車第三季銷售強勁,按年增長逾200%,加上去年同期基數相對較低。值得留意的是,中國重汽(03808.HK)完成了第三季售出7.3萬台車,完成其6.9萬至7.5萬台的第三季銷售目標,而9月份交付量亦達3.2萬台,按年增166%。該行的渠道調查指出,為準備農曆年前的旺季,內地重型卡車銷售勢頭10月份按月持平。
考慮到來自A股附屬的盈利貢獻高於預期,該行將中國重汽2020至2022年的盈利預測升3%至5%,目標價由27元升至27.5元,評級「跑贏大市」。
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