《大行報告》摩通降正通汽車(01728.HK)目標價至6.5元 評級「增持」
摩通發表的報告指,正通汽車(01728.HK)上半年盈利較該行預期差15%,主要因為內地汽車需求較弱,而新車利潤及金融業務表現亦平平,另外公司表現亦受到持股71%的東正金融(02718.HK)業績影響,因為汽車金融服務亦受需求較弱所拖累。
該行指出考慮到上半年業績遜預期,將公司2019/20年的預測下調約30%,目標價由8.5元降至6.5元,評級「增持」。該行指出在新車銷售方面上半年其毛利跌34%至6.6億元人民幣,主要因為銷售減慢以及毛利率收窄,相信下半年將逐步復甦,並預期2020年銷售可按年增長8%。而在汽車金融方面,雖然面對流動性環境較困難以及汽車邢求減慢,但純利仍能維持,該行相信其汽車金融業務在2020年應可重拾盈利動力。
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