《大行報告》花旗下調正通汽車(01728.HK)目標價至1元 評級「買入」
花旗發表研究報告指,考慮到正通汽車(01728.HK)年初至今的表現及前景較弱,將今年新車銷售量預測下調至跌28%,預期明年及後年銷量上升11%及3%,因應將今年新車銷售收入預測下調至跌48%,但將明年至2022年預估上調至分別增長22%及5%。不過,由於產品組合改善及零售折扣收窄,上調2020至2022財年新車銷售毛利率,由原先介乎2.8%至2.9%,上調至介乎4.4%至4.6%。該行另下調正通汽車2020至2022財年售後服務收入增長預測。
該行預計,下半年正通汽車收入將按年下降40%至105億元人民幣,淨虧損將收窄至6,200萬元人民幣,毛利率或進一步惡化至8.6%,但淨利潤率料將改善,因今年上半年減值虧損屬單次性。
花旗並下調正通汽車今年及明年度每股盈測分別465%及59%,料今年每股虧損58分人民幣,明年扭虧錄每股純利9分人民幣;認為公司業務可於明年復甦,但防禦能力仍較同業弱,維持「買入」評級,目標價由2.44元大幅降至1元。
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