《大行報告》野村下調永達汽車(03669.HK)目標價至8.4元 評級「買入」
野村發表研究報告指出,由於上海早前因疫情「封城」兩個月,而上海佔永達汽車(03669.HK)銷售渠道的30%,預期公司盈利低迷。雖然上半年新車銷售收入按年跌25%,但毛利率增至3.58%,主要由於豪華車銷售組合有所改善。同時,7至9月份的零售銷售數字高過預期,或由於內地政府最近降低購置稅刺激對傳統車的需求。
該行指出,鑑於內地數據顯示,自今年5月以來的汽車零售數據一直落後於批發銷售,該行預期第四季經銷商庫存水平將增加,損害毛利率,惟永達代理的保時捷及寶馬庫存周轉率高,由於公司主打豪華車市場,相信整體對永達下半年新車毛利率的影響較小。
此外,野村認為汽車經銷商比電動車代工商提供更好的風險回報。對永達的目標價由13.4元降至8.4元,將其2023財年每股盈利預測下調5%,以反映開設新電動車展廳所增加的銷售及行政費用,維持「買入」評級。
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