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《大行報告》瑞信下調永達汽車(03669.HK)目標價至12元 評級「跑贏大市」
阿思達克 03-16 10:22
瑞信發表研究報告指出,永達汽車(03669.HK)去年純利按年增長53%至24.8億元人民幣,符合預期。其業績的主要驅動力是豪華新車毛利按年增長44%,主要由於降低零售價折扣,減少經銷商庫存,以及半導體供應短缺情況下,令毛利率按年增長0.9個百分點。 該行指出,永達汽車去年第四季雖然銷量下跌,但季內純利達6.78億元人民幣創新高,按年增長26%,按季增長8%。至於今年首季,基於晶片供應形勢好轉,中國豪華車零售價折扣開始加大,例如寶馬品牌的零售價格折扣在2021年11月達8.3%,其後至今年2月止的三個月分別升至8.9%、9.2%及10.2%。而作為中國最大寶馬品牌經銷商,永達汽車的新車利潤率可能會下降。 瑞信將永達汽車2022至2023財年的利潤預測分別下調11.5%至13.3%,目標價由19元下調至12元,維持「跑贏大市」評級。
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