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《大行報告》大和上調永達汽車(03669.HK)目標價至24元 評級「買入」
大和發表報告,認爲在寶馬和保時捷銷售強勁的背景下,永達汽車(03669.HK)的盈利質素應該繼續改善,將12個月的目標價由22元提高到24元,重申「買入」評級。

大和指,永達汽車今年第二季淨利潤按年增長28%,公司估計今年上半年淨利潤按年增長不低於110%,該行預計將達到12億元人民幣的水平,並預計下半年的盈利增長強勁,但較上半年勢頭略放緩。

考慮上半年盈喜,大和將永達汽車2021年至2023年的每股盈利預測提高了6%至10%。在6月22日的會議上,永達汽車預計今年新車銷售收入將按年增長15%,售後收入將按年增長20%至25%。該行預計永達汽車能夠實現這一範圍的高端,因爲豪華車銷售、二手車銷售和售後服務可能保持強勁,認爲今年下半年的淨利潤預測爲13億元人民幣是合理。

報告補充,汽車經銷商值得獲更佳估值,特別是永達。整體而言,經銷商估值較汽車代工商而言並不高昂,同時,經銷商較少受汽車芯片短缺及原材料成本上升影響,其收入來源主要來自售後服務。大和稱,永達估值較同業中升(00881.HK)折讓達40%至50%,值得獲估值重評。而公司出售汽車金融業務後,其業務模式將與中升更趨類似。

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