《大行報告》摩通下調東風集團(00489.HK)目標價至3元 評級「中性」
摩根大通發表報告指,東風集團(00489.HK)上半年業績差過市場預期,主要由於乘用車出貨量下跌,以及經營開支增加令利潤率收窄。管理層在分析員會議,將今年整體銷量目標下調14%,由300萬輛下調至259萬輛,其中乘用車銷量目標下調19%,商用車銷量目標則上調22%。
報告指,東風與日產及本田兩個合營,以及自營品牌,基本面上行潛力有限,在中國的汽車代工生產商中,較為偏好比亞迪H股(01211.HK),但關注下半年情況會否有如去年,跑贏同業的股份只是因為跌幅相對較小。策略上選取零部件供應商龍頭,料股價或跑贏汽車代工生產商。
該行將東風今明兩年盈利預測分別下調35%及16%,目標價由3.5元下調至3元,評級「中性」。
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