《大行報告》瑞銀升永達汽車(03669.HK)目標價至15元 評級「買入」
瑞銀發表研究報告,引述永達汽車(03669.HK)指引去年的保時捷新車銷量為大約1.2萬部,按年增長超過20%,目標是今年銷量錄20%增長。根據管理層所述,公司去年第四季整體庫存水平由前一季的26天跌至25天,其中保時捷的庫存水平低過20天水平。
該行指,永達汽車在保時捷的市場份額由2015年的7%升至去年的13%,管理層指保時捷的新車毛利率在7至8%水平,該行預期公司能在今年進一步將相關市佔率提升至14%以上。
該行又預期,公司2020至2025年的盈利複合年增長率為19%。公司管理層將寶馬、平治及Audi今年的銷量目標分別定在高單位數增長,而保時捷則定在15%增長。永達將會受惠於一、二線城市的強勁高端汽車銷售。該行上調集團2020-22年盈測0-3%,目標價由原來的13.9元上調至15元,維持「買入」投資評級。
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