大和:維持永達汽車(3669.HK)買入評級 目標價升至22港元
大和發表研究報吿,將永達汽車(3669.HK)目標價由20港元調高至22港元,維持買入評級。
大和稱,BMW(寶馬)今年的目標是中國銷量按年增9%,雖然Audi(奧迪)及Mercedes-Benz(平治)5月銷量因晶片短缺而下跌12%及10%,寶馬仍有11%增長。該行指,寶馬第二季減少向經銷商提供回贈,每輛減約1000元人民幣,並推動一些毛利較低的車型的銷售,以控制銷售速度。永達今年首季銷售寶馬的毛利率為2.6%,估計第二季會輕微下降。
該行又提到,Porsche(保時捷)今年在中國的目標銷量為按年增一成,估計永達售出約1.5萬輛保時捷,按年增35%。該行認為保時捷今年的儲備強勁,多款車型有升級版,故對其銷售有信心。
此外,集團出售汽車金融業務的交易已進入最後階段,該行預期第三季內會公佈。

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