《大行報告》匯豐研究下調濰柴動力(02338.HK)目標價至14.7元 評級「買入」
匯豐發表評級報告表示,濰柴動力(02338.HK)首季收入按季升11%,惟按年跌37%,因去年首季的基數較高,相對重型卡車(HDT)業務銷售額按年降56%,跌幅較少,認為公司受惠於業務結構多元化。
該行表示,公司盈利仍然疲軟,主要受到其毛利率低迷(按年降0.6百分點)、高研發(按年增6%)及凱傲集團(Kion)降低在俄羅斯相關業務資產的撇賬,故將其公司今年、明年及2024年盈利預測分別下調14.4%、12.7%及8.6%,將目標價由18元下調至14.7元,意味著公司今年12.5倍市盈率,維持其評級為「買入」。(ca/u)
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