《大行報告》中銀國際升永達(03669.HK)評級至「買入」 汽車經銷商首選中升(00881.HK)
中銀國際發表報告指,中國傳統高端汽車市場今年以來溫和復甦,銷售按年升5%,但汽車打折幅度增加。該行認爲新能源車對手如特斯拉(TSLA.US)及理想-W(02015.HK)(LI.US)爲國際品牌扞衛在中國高端市場的地位帶來挑戰。對於3間在港上市汽車代理商,報告認爲新車銷售毛利急跌爲其上半年盈利下跌低雙位數至四成不等的主要原因。
該行認爲,3間汽車代理商估值分歧不能從盈利表現解釋。因應反映毛利率壓力,該行下調3間汽車代理商的盈利預測及目標價,但上調永達(03669.HK)投資評級至「買入」,汽車經銷商首選中升(00881.HK),長遠亦偏好中升,認爲中升有清晰轉型路線圖及快於同業的執行能力。
該行亦指,中升及永達目前股價低於今年預測市盈率10倍,對比美國同業相若或較低,美東(01268.HK)市盈率則仍處高雙位數,對比中升及永達仍有顯着的估值溢價。
下表爲中銀國際對3間汽車代理商的最新投資評級及目標價:
汽車代理股│投資評級│目標價
中升(00881.HK)│買人│40元→35元
永達(03669.HK)│持有→買入│5.6元→4.5元
美東(01268.HK)│買入│20元→10元
下表爲中銀國際對3間汽車代理商今年盈利預測及調整幅度:
汽車代理股│最新2023年全年盈利預測│下調幅度
中升(00881.HK)│63.76億元人民幣│-12.3%
永達(03669.HK)│10.08億元人民幣│-36.5%
美東(01268.HK)│5.79億元人民幣│-50.4%
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