研報掘金丨海通證券:維持濰柴動力“優於大市”評級,目標價18.84-21.74元
海通證券研報指出,濰柴動力(000338.SZ)2024年全年毛利率爲22.4%,同比+1.3pct;淨利潤率爲6.6%,同比+1.4pct。ROE爲13.2%,同比+1.8pct。盈利能力同比、環比均有所改善。公司預計2025年穩健增長,銷售收入約爲2265-2373億人民幣,同比增長約5-10%。認爲濰柴動力的增長動能不斷,包括1. 包含AIDC 在內的高端發電需求,有望帶動公司M系列大缸徑發動機高速增長;2. 凱傲公司作爲高端物流解決方案廠商,有望受益於歐洲的製造業投資;3. 國內重卡市場持續修復,天然氣重卡產業鏈有望受益於以舊換新政策。考慮到公司爲行業龍頭,確定性較強,參考可比公司,給予公司2025年13-15倍PE,合理價值區間18.84-21.74元,維持“優於大市”評級。
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