《大行报告》摩通降正通汽车(01728.HK)目标价至6.5元 评级「增持」
摩通发表的报告指,正通汽车(01728.HK)上半年盈利较该行预期差15%,主要因为内地汽车需求较弱,而新车利润及金融业务表现亦平平,另外公司表现亦受到持股71%的东正金融(02718.HK)业绩影响,因为汽车金融服务亦受需求较弱所拖累。
该行指出考虑到上半年业绩逊预期,将公司2019/20年的预测下调约30%,目标价由8.5元降至6.5元,评级「增持」。该行指出在新车销售方面上半年其毛利跌34%至6.6亿元人民币,主要因为销售减慢以及毛利率收窄,相信下半年将逐步复苏,并预期2020年销售可按年增长8%。而在汽车金融方面,虽然面对流动性环境较困难以及汽车邢求减慢,但纯利仍能维持,该行相信其汽车金融业务在2020年应可重拾盈利动力。
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