《大行報告》瑞信上調永達汽車(03669.HK)目標價至8元 評級「跑贏大市」
瑞信發表研究報告指,永達汽車(03669.HK)初步公布2022年全年純利按年下降不超過43%至141.4萬元人民幣,遜市場預期。集團將利潤下降歸因於新車毛利率下降、新車銷量下降和售後服務收入下降。
該行指出,這意味著集團第四季純利錄逾2.53億元人民幣,按年下降63%,按季跌48%。該行認為,盈利下降是由於寶馬和保時捷的零售價折扣上升,導致新車利潤率下降。考慮到新車利潤率弱於預期,該行將集團2022至24年的每股盈測下調7.1至19%,又將目標價由7元上調至8元,維持「跑贏大市」評級。
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