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《大行報告》瑞銀下調雅迪控股(01585.HK)目標價至22元 明年前景仍穩健
阿思達克 12-08 10:18
瑞銀發表報告指出,雅迪控股(01585.HK)下調全年出貨量預測,料在明年新產品推出之前,第四季將去庫存。因此,該行將公司全年出貨量預測下調7%,由1,770萬輛下調至1,650萬輛,意味著按年增長18%,略低於公司早前預期的20%銷量增長指引。 雅迪尚未披露明年指引,該行料公司明年前景仍穩健,將維持收入及純利增長20%的股權激勵目標。除現有的冠能系列,公司將於明年推出兩款設計和功能更好的子品牌,以實現產品差異化,並提高產品均價與毛利。對於新業務,雅迪的目標是從今年第四季開始進一步擴大售後電池出貨量。 該行亦預計公司在東盟國家的出口銷售將取得突破,並開始更大規模地交付鈉電池車型。 此外,該行將雅迪2023至2025年收入預測下調6%至7%,盈利預測下調4%至9%,意味著2023至2025年年均增長率約為20%,與公司股權激勵計劃中的目標一致。該行認為,公司憑藉整合的電池供應鏈和專門的出口計劃,應可受惠於中國及全球電動車市場增長。對其目標價由23.5元下調至22元,維持評級「買入」。
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