《大行報告》美銀證券下調永達汽車(03669.HK)目標價至16元 評級「買入」
美銀證券發表研究報告指,永達汽車(03669.HK)去年下半年銷售額按年升21%,符合預期,稅後利潤按年增長48%,較預測高出10%,主要受銷售提升及營運成本下降所推動。
管理層預期今年新車銷售將增長10%至15%,售後服務業務增長20%。該行指出,永達去年底止授權經銷商增加至213家,期內新開20家店,關閉13家,撇除新能源汽車,今年將再開設超過5家豪車分店,預期售後服務增長前景穩定。
永達去年的寶馬及保時捷新車利潤率為2.7%及7.4%,按年升0.4及0.7個百分點。美銀將2021至2022年每股盈利預測分別下調5%及11%,以反映利潤率增長慢過預期,重申「買入」評級,目標價由16.8元降至16元。
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