《大行報告》美銀證券降雅迪控股(01585.HK)目標價至18元 去年下半年每股盈利符預期
美銀證券發表研究報告指,雅迪控股(01585.HK)去年下半年每股盈利符預期,期內產品平均售價及毛利率改善幅度低於此前的增長指引,但在出乎意外的政府補貼支持下,去年下半年每輛車淨利潤為175元人民幣,較去年上半年的145元人民幣增加。
管理層透露今年收入指引為增長15%,並預期在產品組合改善及供應鏈整合幫助下,毛利率可按年提升1至2個百分點。美銀形容該公司可能要面對「短期陣痛」,但隨著公司的經營渠道持續優化,將有利於長期發展。
基於去年下半年業績表現及最新業務指引,美銀將雅迪今明兩年每股盈利預測下調2%,目標價降至18元,重申「買入」評級,看好市場份額提升及利潤率改善前景。
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