《大行報告》大摩:永達汽車(03669.HK)受惠上海額外汽車配額 評級「增持」看15.5元
摩根士丹利發表研究報告指,永達汽車(03669.HK)受惠於今年6至12月上海額外4萬輛內燃機汽車牌照配額,隨著上海重新開放,亦受惠於4至5月的積壓需求,予評級「增持」,目標價15.5元。
報告稱,上海新政意味今年內燃機汽車配額按年增30%至17.5萬輛,或今年6至12月按年增長55%。在2020年在封城過後,上海亦曾放寬內燃機汽車配額政策,當年上海內燃機汽車配額按年增55%至17.4萬輛。
大摩料永達汽車是上海汽車刺激措施的核心受惠者。永達擁有上海30%的汽車經銷店,在4至5月產生收入很少,但在上海重新開放後,料新車及售後服務收入將大幅提升。根據2020年經驗預示,永達汽車新車銷量在2020年下半年按年升19%,扭轉2020年上半年按年13%跌幅,受惠汽車需求復甦,下半年銷量比上半年增長50%。
在新政策及積壓需求支持下,報告料永達汽車今年6至12月新車銷量升逾10%。由於4至5月永達汽車上海經銷店關閉,假設該兩個月的積壓汽車銷售在上海重啟後釋放,這料意味6至12月永達汽車銷售額外增長6%至7%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.