《大行報告》大和上調美東汽車(01268.HK)目標價至55元 評級「買入」
大和發表的研究報告指,美東汽車(01268.HK)於8月13日宣布收購兩家位於南京的Lexus店,涉資4.2億元人民幣(下同),公司早前發盈喜料上半年淨利將升70%,該行對公司有信心,相信下半年銷量增長將穩健。大和指出截至去年底美東有16家Lexus店舖,大部分位於廣東省,而交易有利公司在江蘇獲覆蓋,並強化其Lexus經銷網絡,該行估計兩家分店將於今年第四季起整合。
大和認為上半年中國奢侈車銷量按年升40%,其中Lexus按年增27%至12.3萬台,而保時捷則升19%至4.7萬台,寶馬升44%至36.2萬台,上半年奢侈車款佔整體私家車銷量的19%創新高。考慮到芯片供應短缺,該行估計7月及8月份奢侈車款交付或會出現延遲,不過需求應維持強勁,料延遲出貨將於今年第四季至明年首季交付。
該行認為內地奢侈車銷售增長穩健,而美東上半年盈利增長好過預期,加大該行對其下半年業績的信心,將公司2021-22年收入預測升5-10%,淨利預測升11-12%,重申「買入」評級,目標價由48港元升至55港元。(el/k) ~
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