《大行報告》瑞銀降濰柴(02338.HK)評級至「沽售」 目標價下調至7.9元
瑞銀發表研究報告指出,在內地技術創新和優惠政策的補助下,加速重型卡車(HDT)電動化發展。因此,該行對2025年電動重卡於內地市場滲透率預測提升至料介乎5%至10%,但維持2030年的30%預測。而濰柴動力(02338.HK)為內燃機重卡生產發動機、變速箱和車軸,對每輛車價值約10萬元人民幣或平均售價的三分之一。隨著行業轉移至採用鋰電池的電動重卡,相信濰柴的相關業務將面臨挑戰。
該行將濰柴2022至2024財年的純利及每股盈利預測下調16%至25%,以反映重型卡車電動化的趨勢及憂慮行業復甦緩慢所帶來的風險。該行對公司2022至2024財年純利預測較市場預期低26%至44%,主要由於預期2023至2024財年重卡市場復甦將遜預期。另因行業轉向採用電動重卡,該行對濰柴重卡發動機市場份額前景持審慎態度。對其評級由「中性」降至「沽售」,目標價由13.3元下調至7.9元。
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