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《大行报告》瑞信降重汽(03808.HK)评级至「中性」 目标价下调至21.7元
阿思达克 04-30 11:52
瑞信发表研究报告,指中国重汽(03808.HK)A股附属中国重汽济南(000951.SZ)首季纯利按年升130%至6.03亿元人民币,与早前盈利预告相符,期内重卡销售按年增150%,及净利润率收缩0.3个百分点。

报告称,中国重汽济南首季经营利润率按季扩0.3个百分点至5.6%相对稳定,惟按年收缩0.5个百分点。考虑中国重汽济南业绩,料中国重汽首季盈利强劲,首季中国重汽销量按年升111%至8.94万辆。

瑞信下调中国重汽今明两年盈测各4%,以反映中国重汽济南业绩强劲,後者配股後母企所持权益摊薄,少数股东权益扩张的预期;目标价由27元降至21.7元。报告称,在高基数下,今年重卡行业销售料按年录单位数增长,4月料按月倒退,但在减排标准升级下,料重卡总销量维持高企。由於股价上行空间有限,降中国重汽投资评级由「跑赢大市」下调至「中性」。

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