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《大行報告》匯豐研究上調濰柴動力(02338.HK)目標價至15.2元 評級「買入」
匯豐環球研究發表報告指出,濰柴動力(02338.HK)第三季稅後純利26.02億元人民幣,按年增長1.83倍,按季亦升27%,處於公司早前發盈喜的區間上限。公司毛利率達21.8%,按年增長6.5個百分點,按季升1.6個百分點,超過該行預期。該行將濰柴動力2023至2025年的每股盈利預測上調6.9%、8.9%及8.4%。 該行重申對濰柴動力毛利率前景改善的看法,對其毛利率預測高於市場預期的1至2個百分點,對其2023至2025年預測分別爲20.5%、21%及21.3%,主要驅動因素包括規模經濟下預期重型卡車(HDT)將持續復甦,料公司今年HDT分部銷量將達92.5萬輛,明年料達100萬輛,分別按年增長38%及8%,而明年出口及國內銷量料各增長5%及9%。此外,公司液化天然氣(LNG)重卡發動機及大馬力引擎具優勢。至於集團旗下凱傲(Kion)毛利率亦有所反彈。 另外,濰柴動力推出A股激勵計劃,對2024至2026年的收入及稅前利潤率設定進取的目標,該行對公司的2024至2025年收入預測較公司目標高,但對其稅前利潤率則較爲保守,較公司目標低1至2個百分點。匯豐環球研究將濰柴動力H股目標價,由14元上調至15.2元,維持「買入」評級,預期公司盈利改善,以及LNG重型卡車需求強勁將成爲今明兩年的主要驅動力。
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