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《大行報告》瑞銀上調濰柴動力(02338.HK)目標價至24.3元 評級「買入」
阿思達克 09-01 11:16
瑞銀發表報告指,由於上半年發動機業務和持股的凱傲集團(Kion)出色表現,濰柴動力(02338.HK)要達到全年100億至110億元元人民幣凈利潤市場共識預測並不難。由於預計叉車業務將隨著經濟復甦而改善,瑞銀將2021年、2022年、2023年凱傲的利潤分別提高到13億元人民幣、14億元人民幣、20億元人民幣,即分別佔濰柴動力利潤的13%、12%、16%。同時下調新業務的盈利預期,因為其增長速度略低預期。整體對濰柴動力2021年至2023年的凈利潤預期基本沒有變化,分別為105億元人民幣、114億元人民幣、122億元人民幣,分別按年增長14%、9%、7%。目標價由23.4港元上調至24.3港元,評級「買入」。 瑞銀指,參加了濰柴動力投資者會議,值得注意的是管理層預計,隨著中國製造業和城市化進展,今年重型卡車的銷量將達到150萬輛左右,未來的周期性較弱。對於濰柴的國六產品,管理層表示對其市場份額有信心,理由是油耗低,服務和保修充足。管理層亦提到凱傲正在濟南建設一個新的叉車工廠,並將很快啟動,產品將針對中高市場。氫燃料業務方面將擴大在商用車、船舶和發電領域的應用。
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