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大和:重申對汽車經銷商行業正面看法 叫買美東、中升及永達

大和重申對汽車經銷商行業正面看法,調高美東汽車(1268.HK)及中升控股(0881.HK)目標價。該行上調美東目標價16%至64港元,中升目標價則調高10%至95港元,永達汽車(03669)目標價維持22港元,3只股份評級均為“買入”。

大和認為,市場過度憂慮缺芯問題緩和對行業的影響。該行又稱,市場擔心汽車庫存會因供應增加反彈,令經銷商新車折扣及毛利率回覆至疫情前水平。不過,大和相信,汽車銷售量回升已可抵銷毛利率下跌。大和表示,其實經銷商70%至80%毛利來自售後服務,而非新車銷售。

指針對向130萬元人民幣以上豪華車徵税10%,大和預期徵税門檻有機會降至100萬元人民幣,而大幅降低徵税門檻機會不大,因為會影響整體汽車銷售及供應鏈。

此外,大和又看好行業前景,相信繼小鵬汽車(9868.HK)等之後,4S經銷商未來跟新能源車會有更多合作。

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