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大和:升永達汽車(3669.HK)目標價至25港元 第三季盈利能力勝預期
格隆匯 10-27 14:46

大和發研報吿指,永達汽車(3669.HK)今年第三季盈利能力較預期佳,預計今年第四季度的銷量將按年錄高單位數降幅。鑑於供應緊張導致價格折扣收窄,估計第三季度新車銷售毛利率按季提高1至2個百分點,料整體毛利率按年提高1.7個百分點至12%,該行將永達汽車目標價由24港元上調至25港元,重申“買入”評級。

該行表示,公司預計今年電動車銷量為1.7萬至1.8萬輛,按年增長20%。除了小鵬和威馬汽車外,公司接下來還計劃與華為賽力斯合作,又指電動車業務的毛利率普遍較高為7-8%,但由於經營週期較短,電動車的售後收入仍處於小規模。該行續指,由於芯片短缺或持續至明年上半年,將今年收入預測下調10%,並將今年的新車銷量預測從16.7萬輛下調至14.7萬輛。然而,由於新車銷售的盈利能力提高,上調今年純利預測5%。

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