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《大行报告》美银证券下调永达汽车(03669.HK)目标价至16元 评级「买入」
阿思达克 03-17 15:55
美银证券发表研究报告指,永达汽车(03669.HK)去年下半年销售额按年升21%,符合预期,税後利润按年增长48%,较预测高出10%,主要受销售提升及营运成本下降所推动。

管理层预期今年新车销售将增长10%至15%,售後服务业务增长20%。该行指出,永达去年底止授权经销商增加至213家,期内新开20家店,关闭13家,撇除新能源汽车,今年将再开设超过5家豪车分店,预期售後服务增长前景稳定。

永达去年的宝马及保时捷新车利润率为2.7%及7.4%,按年升0.4及0.7个百分点。美银将2021至2022年每股盈利预测分别下调5%及11%,以反映利润率增长慢过预期,重申「买入」评级,目标价由16.8元降至16元。

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