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《大行報告》瑞信降重汽(03808.HK)評級至「中性」 目標價下調至21.7元
阿思達克 04-30 11:52
瑞信發表研究報告,指中國重汽(03808.HK)A股附屬中國重汽濟南(000951.SZ)首季純利按年升130%至6.03億元人民幣,與早前盈利預告相符,期內重卡銷售按年增150%,及淨利潤率收縮0.3個百分點。

報告稱,中國重汽濟南首季經營利潤率按季擴0.3個百分點至5.6%相對穩定,惟按年收縮0.5個百分點。考慮中國重汽濟南業績,料中國重汽首季盈利強勁,首季中國重汽銷量按年升111%至8.94萬輛。

瑞信下調中國重汽今明兩年盈測各4%,以反映中國重汽濟南業績強勁,後者配股後母企所持權益攤薄,少數股東權益擴張的預期;目標價由27元降至21.7元。報告稱,在高基數下,今年重卡行業銷售料按年錄單位數增長,4月料按月倒退,但在減排標準升級下,料重卡總銷量維持高企。由於股價上行空間有限,降中國重汽投資評級由「跑贏大市」下調至「中性」。

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