《大行报告》汇丰研究降重汽(03808.HK)及潍柴(02338.HK)目标价 重卡行业销售料倒退
汇丰研究发表报告,引述「第一商用车网」数据指,4月内地重卡销量按年升幅大幅放缓至4%,3月则按年升98%,按月更跌14%;本年至今按年升57%,达该行全年预测的约60%。该行料今年5月至12月行业销量按年倒退58%,因今年7月後因国六标准实施带来的约80万辆重卡置换需求已大致完成;自4月中旬後重卡经纪商已发现订单倒退。
报告称重卡市占大致稳定,中国重汽(03808.HK)今年首四个月以销售计市占料18.2%,高於去年同期的14.7%。潍柴动力(02338.HK)本年至今以销售计市占料12.8%,高於去年同期的12.5%。
汇丰称,板块中喜好潍柴,受惠於其供应链全覆盖及技术优势,潍柴在重卡及发动机市场有领导地位。潍柴正透过渗透建筑机械发动机及智能物流以分散重卡周期风险。行业淡季将至,该行轻微下调对重汽及潍柴的预测,重申潍柴H股「买入」评级,目标价由25元降至22.7元;重申重汽「持有」评级,目标价由26元降至21.8元。
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