《大行報告》美銀證券下調美東汽車(01268.HK)目標價至21元 評級「買入」
美銀證券發表報告指出,美東汽車(01268.HK)去年下半年由於基數低,純利按年升36%至160億元人民幣,按半年計則增長26%;毛利率7.4%,按年跌5.3個百分點,按半年計跌3.1個百分點;新車銷售毛利率按半年計跌3.1個百分點至2.1%,主要受疫情封鎖及重新開放的初階段影響。期內淨利潤1.78億元人民幣,按年跌72%,按半年計跌48%,與早前盈警預期一致。
該行將美東汽車今明兩年的銷售預測下調4%及10%,並下調毛利率預測,削今明兩年淨利潤預測10%及7%。目標價由23元下調至21元,鑑於公司今年盈利增長及更多併購的潛在催化,重申「買入」評級,認為公司估值吸引。
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