大行評級|交銀國際:上調中國重汽目標價至26.49港元 作為行業龍頭將受惠重卡銷量恢復
交銀國際表示,中國重汽2023年收入按年增長43.9%至854.98億,歸母淨利潤按年大增217.9%至53.2億元,較市場和該行預期高2%,主要是2023年重卡銷量錄得強勁恢復和規模效應改善利潤率。中國重汽派發年度末期股息每股0.965港元,派息比率由2022年的46.2%提升至2023年的50.1%。今年首兩月,中國重汽天然氣重卡銷量按年增長259%,和該行之前報吿預期中國重汽將發力天然氣重卡一致。該行認為隨着中國重汽發力天然氣重卡銷售,市場份額有進一步上升的空間。該行略微上調2024/2025年盈利預測。中國重汽作為行業龍頭將受惠重卡銷量恢復,市場份額有望進一步提升。該行上調目標價至26.49港元對應2024年預測市盈率10倍。現價對應2024年預測股息率5.3%,維持“買入”評級。
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