《大行報告》瑞銀下調永達汽車(03669.HK)目標價至13元 評級「買入」
瑞銀發表報告表示,基於上海因疫情而實施的人員流動限制較預期長,並決定將永達汽車(03669.HK)2022-2024年的盈利預測小幅下調1%-4%,目標價由14.4元下調至13元,此按現金流折現率作估值,評級「買入」。
永達汽車管理層向該行表示,受疫情影響,4月集團新車銷量按年下降 65%,5月集團新車銷量按年降幅收窄至50%,按月增長約60%;由於與疫情相關的人員流動限制,4月和5月的售後服務客流量分別按年下降50%和40%;月和5月二手車銷量分別按年下降50%和30%。
永達上海門店自6月1日起重新開業,6月上半月,永達上海門店新車訂單量按年增長20%,其中高端品牌新車訂單量按年增長約30%,售後服務客流量按年增長40%,其中高端品牌的售後訪問量按年增長50%。
永達汽車管理層表示,可享受2022年購置稅減免的寶馬車型佔寶馬總銷量的40%;受BMW國產化X5推出支撐,下半年新車銷售毛利率有望維持在第一季水平;由於新冠疫情導致需求遞延,下半年售後服務收入可實現20%的按年增長;公司計劃在2022年新增約60家新能源汽車門店,其中10家是小鵬汽車(09868.HK)(XPEV.US)。
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