《大行報告》美銀證券下調永達汽車(03669.HK)目標價至14.3元 評級「買入」
美銀證券認為,永達汽車(03669.HK)去年下半年盈利穩固,收入較該行預期低2%,而純利則較預期好10%。雖然目前汽車需求及供應的情況,管理層仍對豪華汽車的需求看法正面,預期2022年銷量可增加15%,稅後盈利有20%增長,較該行預期佳。
作為最早涉足新能源汽車業務的經銷商,永達將拓展新能源汽車業務,品牌門店將作2021年的18間增加至2022年的100間,當中80%是主要電動汽車品牌(包括特斯拉和小鵬)。長期目標為2025年開店500間,銷售額25萬輛,銷售額達300億元人民幣。考慮到去年下半年的業績和 2022年的需求及供應,美銀證券將永達2022年及2023年銷售額降低4%及3%,同時提高毛利率假設,上調2022年及2023年淨收入增長2%及1%。目標價由15.5元下調至14.3元,評級「買入」。(me/k)
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