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《大行報告》美銀證券微降美東汽車(01268.HK)目標價至47.5元 評級「買入」
阿思達克 10-19 10:03
美銀證券發表報告指,汽車生產商在供應鏈上的限制正影響衆多中國汽車經銷商,包括美東汽車(01268.HK)在內,市場出貨的不穩定性增加,且銷量受到影響。 不過,該行認爲,行業目前的庫存在最低位(8日),加上小型城市的競爭有限,美東汽車發現其有能力加價及減少折扣。 美銀證券調低集團今年至2023年每股盈利預測,由原來分別0.94元、1.27元及1.67元人民幣,降至0.9元、1.19元及1.59元人民幣;惟上調估值基礎,由明年預測市盈率32倍升至33倍,以反映2023年每股盈利加快增長預測,並下調目標價,由48元微降至47.5元,評級維持「買入」。 該行提到,雖然預測下調,但估計集團的銷量下降可被毛利提高部分抵銷,料其今年下半年的毛利率可錄創紀錄的11.3%;另今年全年經營利潤率料達6.4%創新高。該行仍看好美東汽車增長前景,源於三至五線城市豪華汽車銷售增長,同店銷售增長上行空間大,以及內地汽車經銷行業富同業併購機會。
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