大行評級|招銀國際:下調美東汽車目標價至4港元 預測今年新車銷量和收入將下降8-9%
招銀國際發表研究報吿,基於2024財年13倍市盈率,將美東汽車的目標價從7.2港元下調44%至4港元,維持“買入”評級。報吿指,美東汽車2023年下半年業績面臨新車毛利與商譽減損壓力。展望2024年,該行認為保時捷是最有望盈利改善的品牌,預計今年保時捷在國內的銷量將下跌13%至7萬輛,美東的市佔率為15%,新車毛利率可望改善0.5個百分點至2.5%,帶動總新車毛利改善。寶馬和雷克薩斯今年仍將面臨挑戰,該行認為寶馬今年6%的銷售增長目標比較激進,新能源滲透率20%的目標可能進一步降低經銷商的新車毛利率,而雷克薩斯業已成為依賴廠商補貼的品牌。該行預測今年美東汽車的新車銷量和收入將同比下降8-9%,售後收入預計將年增9%,帶動綜合毛利率改善至8.6%。同時料今年不再計提商減值,預測集團淨利從2023年的8000萬元增長至2024年的3.7億元。
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