《大行報告》大和上調永達汽車(03669.HK)目標價至22元 評級「買入」
大和發表報告,重申永達汽車(03669.HK)「買入」評級,並將12個月的目標價由20元調高至22元,主要由於將2021至2022年度的平均每股盈利預測由1.19元調高至1.3元人民幣,比市場共識高10%,因更看好其店鋪管理和二手車業務的發展。
該行指,寶馬目標是全年中國的銷售量按年增長9%。儘管就整個市場而言,由於受芯片短缺的影響,奧迪和奔馳5月份的銷售量分別下降了12%和10%,但寶馬仍然保持韌性,銷售按年增長11%。
大和認爲,寶馬在今年第二季將經銷商的每輛回扣減少了約1,000元人民幣,原先爲6,000至7,000元人民幣,並推動了一些低利潤車型的銷售,以控制其銷售速度。永達寶馬21年第一季度的毛利率爲2.6%,而今年第二季可能會出現輕微下降。
另外,保時捷今年在中國的銷售量目標是按年增長10%,而該行預計永達將銷售15,020輛保時捷,按年增長35%。至於公司出售汽車金融業務的交易在最後確認階段,預計將會於第三季內公佈。
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