《大行報告》大和削美東汽車(01268.HK)目標價至35元 評級「買入」
大和發表評級報告指,美東汽車(01268.HK)管理層表示,隨著芯片短缺得以舒緩、防疫控制措施放寬,料今年下半年毛利率穩定;該行相信,追星汽車銷售集團(StarChase)將成為公司穩健的增長動力,並預計今年保時捷銷量按年增138%,以及由於今年淨值報酬率(ROE)較高,料其庫存周轉率或進一步改善。
該行表示,考慮到計及所有品牌後,其上半年收入按年跌15%,以及扣除新收購的保時捷品牌,將公司新汽車業務的今年收入預測下調至270億元人民幣,降17%,並將其新汽車業務的今年全年毛利率下調至5.9%,降0.5個百分點,以考慮或因疫情反覆令需求低迷,以致利潤率不穩定。
該行亦將公司2023年至24年銷量及平均售價假設下調,並將其2022年至24年每股盈測下調10%至17%,並將其目標價由51元下調至35元,相當於今明兩年預測市盈率25倍,重申「買入」評級。
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