《大行報告》瑞銀上調永達汽車(03669.HK)目標價至13.9元 評級「買入」
瑞銀發表研究報告指,永達汽車(03669.HK)管理層反映,雖然今年首季經營環境頗具挑戰性,但全年高端汽車銷量仍實現高單位數增幅,預期今年售後服務收入將按年增長約10%。
報告引述永達管理層透露,2021年寶馬、梅賽德斯、奧迪的銷售目標為增長高單位數,而保時捷的目標是增長15%。考慮到內地樓市持續向好及市場推出更多新車型,瑞銀預計高檔汽車的銷售勢頭將繼續,撇除Tesla(TSLA.US),預計2021年中國高檔汽車零售銷量將增長10%。
該行指出,永達於今年11月完成收購6家寶馬店,進一步加強作為中國最大的寶馬經銷商的地位,料將受惠於一線及二線城市高端豪華汽車的強勁銷售,預計永達在2020至2024年盈利複合年增長率為20%。
瑞銀將目標價由12.7元上調至13.9元,以反映2020至22年盈利預測略微提高2%至3%及中期資本回報率預測提高到13.5%,並予「買入」評級。
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