《大行》匯豐環球研究首次覆蓋雅迪控股(01585.HK) 評級「買入」目標價18元
匯豐環球研究發表報告,首次覆蓋雅迪控股(01585.HK),並給予「買入」評級,目標價18港元。該行表示,作為全球最大的電動兩輪車製造商,雅迪在中國內地市場佔有約25%的市場份額,預計將受益於以舊換新補貼政策及行業整合,進一步提升市場佔有率。公司擁有強大的品牌影響力、卓越的營運能力,其產品已銷往全球100多個市場。
匯豐環球研究預計2024至2027年間,雅迪銷量年複合增長率可達15%,平均售價年複合增長率為3%。隨著生產規模效益提升及產品結構升級,公司淨利潤率有望從5%逐步提升至8%,帶動淨利潤實現更快速增長。整體而言,該行預測2024至2027年收入年複合增長率為18%,淨利潤年複合增長率達44%。
估值方面,匯豐環球研究採用現金流折現法得出目標價18港元,對應2025年及2026年預測市盈率分別為17倍及15倍,較上周三(7月23日)收市價有約42%潛在上行空間。
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