《大行報告》美銀證券:濰柴(02338.HK)股權激勵計劃揭示強勁獲利預期
美銀證券發表報告指,濰柴動力(02338.HK)(000338.SZ)日前公布A股2023年股權激勵計劃草案,計劃向716名公司員工(包括董事、中至高級管理層、以及核心技術人員)授予8,544萬股限制性股份,不超過公司總股本的1%,授予價格為每股6.49元人民幣,當中透露年度業績考核目標,包括2024至2026年營業收入將不低於2,102億、2,312億及2,589億元人民幣,淨利潤率則分別不低於8%、9%及9%。
美銀指出,濰柴動力2024至2025年的銷售額指引,較該行預期低8%至13%,但淨利潤率目標則高於預期約5%及8%,計算出未來兩年淨利潤目標將較該行預測高出37%及2%。
股權激勵計劃揭示管理層對提高營運效率及獲利能力的決心,美銀指,考慮到濰柴動力現價估值不高,加上中國重型卡車銷量上升趨勢,以及其利潤率潛在改善,維持H股「買入」評級,H股目標價16.7元。
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