《大行報告》匯豐研究下調東風集團(00489.HK)目標價至3.05元 盈利承壓
匯豐研究發表報告指,東風集團(00489.HK)盈利可能受壓,因為本田及日產等合營的傳統內燃機汽車銷量下跌,電動車發展跑輸同業,維持「持有」評級,目標價由3.9元下調至3.05元。
該行預期,在電動車的競爭下,傳統內燃機汽車銷量進一步下跌,將公司與本田、日產及標緻雪鐵龍(PSA)合營,在2023至2025年的銷量預測,平均下調14%。東風現價相當於12個月預估市賬率0.15倍,是歷史最低水平,已大致反映具挑戰的盈利前景。轉型至電動車的進度,將會是該股能否轉為正面的決定性因素。
該行將東風2023至2025年純利預測下調56至61%,以反映合營銷量下跌,以及本地電動車的競爭。
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