美銀證券:重申永達汽車(3669.HK)買入評級 目標價18港元
美銀證券發表研究報吿表示,永達汽車(3669.HK)此前宣佈出售永達融資租賃80%股權,交易完成後,永達將持有約20%股權。同時,永達計劃在2022年貸款到期後,停止永盛融資租賃和永達小額貸款。該行認為這些舉措表明永達旨在減少貸款相關業務,專注汽車銷售及售後服務。由於永達2021至2033年盈利持續增長,並提升資產收益率,該行重申其買入投資評級,目標價18港元。
報吿指,永達汽車出售永達融資租賃將為集團釋放約5.6億元人民幣資金,為未來的門店擴張做好準備。2020年永達融資租賃盈利佔集團盈利的6%,而股本收益率約16%,該行認為交易不會對永達汽車的盈利帶來顯著影響,反而會提升集團的股本收益率,並料有息負債率將可改善約20個百分點。
在新車銷售方面,該行指,豪華品牌的價格在今年第二季保持穩定,在全球供應趨緊的情況下,捷豹、路虎等進口車的價格持續回升,毛利率或可按季改善。管理層認為,芯片短缺的影響有限,對全年銷售目標持樂觀態度。此外,今年第二季售後市場銷售保持穩健,利潤率穩定。該公司在二手車交易和新能源汽車銷售方面也取得了穩步進展。

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