大和:重申永達汽車(3669.HK)買入評級 目標價20港元
大和發表研究報吿指,永達汽車(3669.HK)首季收入按年上升43%至200億元人民幣,毛利增長31%至21億元,純利增長52%至5.25億元,公司今年首季二手車業務成交量按年增長151%至15182輛,毛利率達5.6%,相信上述業務將持續改善公司毛利,維持永達為汽車經銷商行業首選,維持目標價20港元,重申買入評級。
該行提及,管理層表示,維持今年全年目標新車銷售收入按年增長15%,售後服務收入按年增長20%至25%,現時汽車晶片短缺對公司的主要豪華品牌如寶馬和保時捷等,沒有造成影響。該行相信公司去年擴展及整合商鋪的策略成功帶動今年的盈利增長,公司目標於今年開設15-20間新店。
該行相信,就汽車晶片短缺一事,豪華車的銷售將較低中端汽車受到較少影響,因代工生產商較希望優先向高利潤車型提供晶片。

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