《大行》美銀證券降雅迪控股(01585.HK)目標價至17元 今年首五月銷量略低於預期
美銀證券發表報告,指據多次渠道調查顯示,雅迪控股(01585.HK)在2025年前五個月實現批發量710萬至720萬輛,較2023年前五個月增長約10%,但略低於其2025年上半年900萬輛的銷售目標,主要原因包括:(1)4月中國南方天氣條件不佳;(2)雅迪可能在6月給予經銷商更多庫存補貨的靈活性。該行現預計雅迪在2025年上半年實現880萬輛的銷量,在下半年實現820萬輛的銷量。
美銀證券表示,由於4月銷量略低於預期,導致固定成本分攤增加,該行認為雅迪4月的每車淨利潤較2025年第一季度下降。儘管如此,該行預計5月、6月及2025年第三季度的盈利能力將改善,主要受以下因素支持:(1)5月推出的Guan S車型;(2)2025年第三季度將根據新國標推出的新車型(簡化版)。在2025年第四季度,由於季節性因素和新標準過渡,盈利能力可能相對較弱。考慮到上述因素,該行將雅迪2025至2026年預計每股盈利預測分別下調2%及3%,並將目標價從17.4港元下調至17港元。該行重申「買入」評級,因該行相信雅迪在2025年具備良好前景,並在長期內有望獲得市場份額增長。
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