《大行報告》美銀證券上調永達汽車(03669.HK)目標價至19.1元 評級「買入」
美銀證券發表報告指,永達汽車(03669.HK)今年上半年收入按年增長46%,毛利率大致持平。按業務劃分,新車銷售按年增長44%,當中豪華新車品牌銷售亦升42%,新車銷售毛利率按年升0.5個百分點至3.2%,而豪車銷售亦升0.7個百分點至3.7%。
該行指,期內永達汽車首次獨立列明二手車銷售業務表現,上半年交易量按年升72%至3.3萬輛,收入達到29億元人民幣,整體毛利率達到6%,預期未來該業務可複合增長30%。
永達汽車管理層預期售後服務業務及二手車銷售今年度可分別增長20%及40%,並預料由於芯片短缺問題仍影響汽車行業,新車銷售毛利率於第三季將表現理想。美銀證券重申對永達汽車「買入」評級,將2021至2023年銷售預測上調7%至8%,並將今明兩年淨利潤預測上調8%及2%,對2023年淨利潤預測則下調4%,上調對其目標價,由18元升至19.1元。
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