《大行報告》摩通下調正通(01728.HK)目標價至1元 評級「中性」
摩通發表的研究報告指,上半年正通(01728.HK)收益帶來驚喜,公司之前預告淨虧損不少於13-15億元人民幣(下同),期內業績表現符指引,而盈利表現則受疫情下汽車需求弱所拖累,今年以來公司股價下跌64%,跑輸MSCI中國指數,認為公司在高端車款及獨立定位待仍具優勢,但認為公司在經銷商業務上品牌組合較弱,而近期亦面對流動性問題及盈利受壓,將公司2020-22年淨利預測降10-275%,評級「中性」,目標價由1.4元降至1元。
該行指出,公司控股股東簽署諒解備忘錄計劃引入策略股東,料交易有助緩解正通的流動性問題,並為經銷商業務帶來協同效應。而上半年公司新車銷量按年跌59%,主要因為疫情為營運帶來影響,按年比較毛利率收窄55個基點至4.1%,已自去年下半年的底部有所回升,當時正通部分品牌需要降價以降決流動性需要。展望將來該行相信上半年銷售將逐步復甦,估計收入將按年升5%左右。(el/k) ~
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