《大行報告》瑞銀下調雅迪控股(01585.HK)目標價至19.5元 評級「買入」
瑞銀發表研究報告指,雅迪控股(01585.HK)上半年銷售量按年增長60%至654萬輛,市場份額從去年的 23% 大幅增長至約 30%,主要市場海南及江蘇7月至8月遭到疫情影響,銷售增長放慢至15%至20%,管理層下調全年銷售指引至1,400萬輛,較該行預測的1,500萬輛少。
瑞銀表示,考慮到疫情影響,將今年銷量預測降至1,400萬輛,即每年增長30%,預期市場份額達到 30%至40%,因此對平均售價及利潤率預測保持不變,並估計中高端品牌GUAN/VFLY系列滲透率進一步上升。該行將2021至2023年收入預測削減0%至2%,並將2021至2023年淨利潤預測削減2%至4%。
報告又提到,由於最近內地發生多宗與電池相關事故,管理層預計會有更多關於兩輪汽車電池安全的規定,但雅迪安全風險較低,預期可受惠於市場整合。管理層預計下半年利潤率有所改善,目標明年開設 500家商店。
瑞銀將目標價由20元下調至19.5元,反映2022年預測市盈率約24倍,維持「買入」評級。
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