《大行報告》匯豐研究降重汽(03808.HK)及濰柴(02338.HK)目標價 重卡行業銷售料倒退
匯豐研究發表報告,引述「第一商用車網」數據指,4月內地重卡銷量按年升幅大幅放緩至4%,3月則按年升98%,按月更跌14%;本年至今按年升57%,達該行全年預測的約60%。該行料今年5月至12月行業銷量按年倒退58%,因今年7月後因國六標準實施帶來的約80萬輛重卡置換需求已大致完成;自4月中旬後重卡經紀商已發現訂單倒退。
報告稱重卡市佔大致穩定,中國重汽(03808.HK)今年首四個月以銷售計市佔料18.2%,高於去年同期的14.7%。濰柴動力(02338.HK)本年至今以銷售計市佔料12.8%,高於去年同期的12.5%。
匯豐稱,板塊中喜好濰柴,受惠於其供應鏈全覆蓋及技術優勢,濰柴在重卡及發動機市場有領導地位。濰柴正透過滲透建築機械發動機及智能物流以分散重卡周期風險。行業淡季將至,該行輕微下調對重汽及濰柴的預測,重申濰柴H股「買入」評級,目標價由25元降至22.7元;重申重汽「持有」評級,目標價由26元降至21.8元。
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