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《大行報告》美銀證券下調雅迪控股(01585.HK)目標價至24元 評級「買入」
阿思達克 07-03 11:45
美銀證券發表報告,在碳排放減低下,料全球電動兩輪車(E2W)在2022至2030年銷量複合年增長率為8%,達到1.17億輛,而東盟在2030年的銷量將達到1,000萬輛,複合年增長率為32%。該行認為電動踏板車、電動自行車、電池及相關配件製造商的雅迪控股(01585.HK)在東盟市場增長處於有利位置,受惠於其早前領先者的優勢、渠道活躍擴張和生產本地化。 該行指,雅迪控股在上半年重點關注在零售價3,000元以下的市場份額,並預料有助其銷量達按年升25%,惟其平均售價按年跌5%。該行預料,平均售價下跌將會被雅迪控股的致力精簡採購流程及原材料成本的下降所抵銷,預料上半年每輛車淨利潤穩定。 美銀證券預料,雅迪控股上半年淨利潤按年增長27%至11.5億元人民幣,並將公司在2024年及2025年每股盈測各下調7%及10%,以反映公司在大眾市場的份額增加。該行將雅迪控股目標價由27.7元下調至24元,維持其評級為「買入」。
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