《大行報告》大和上調濰柴(02338.HK)目標價至26.7元 評級「買入」
大和發表研究報告,與濰柴動力(02338.HK)管理層討論後,認為今年第四季業務有望復甦,海外市場增長預期持續強勁。公司預期重型卡車行業今年銷量可超過150萬輛,並於明年維持較高水平,考慮到第三季較疲弱,相信整體下半年需求較弱,但在季節性因素下,仍預料第四季銷情將有所回升。
報告指出,據估算上半年濰柴的國六發動機佔市場份額達30%,預期受惠於產品技術及服務網絡等因素,份額仍將持續提升,公司預期國六發動機明年毛利率可超越國五發動機。
大和認為,在現有技術和生產能力的基礎上,濰柴將致力發展氫燃料電池堆和空氣壓縮機的國產化和生產,去年新能源業務實現收入3億元,接近收支平衡,相信隨著上半年客戶反饋正面及產品準備推出,公司的工程機械液壓系統產品將進一步擴展,重申「買入」評級,目標價由26.3元微升至26.7元。
該行基於全年毛利率及重型卡車銷售預測下調,相應將2021至2023年每股盈利預測削減5%。
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