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《大行報告》大摩降中升(00881.HK)目標價至37元 下調美東汽車(01268.HK)及永達汽車(03669.HK)目標價
摩根士丹利發表研究報告指,由於新車利潤率顯著惡化,售後業務表現放緩,加上高端的內燃機汽車需求復甦遙遙無期,預測中升控股(00881.HK)、美東汽車(01268.HK)及永達汽車(03669.HK)等內地汽車經銷商今年上半年盈利將錄得按年下跌,估計下半年或要進一步削減供應以穩定售價,並將要透露提供更多回扣來補貼虧損的電動汽車銷售業務。 該行又預期,雖然經銷商二手汽車業交易務上半年增長強勁,但對盈利貢獻仍然有限,下調三家經銷商未來幾年盈利預測,以反映價格競爭加劇導致新車銷量及利潤率下降,評級均為「增持」。 中短期來看,大摩較看好美東,預期若汽車行業復甦,保時捷的新車需求反彈將向好,將目標價從20元降至14.8元,2023至2025年盈利預測削減19%至43%。 大摩又指,長期看好中升,預期其集中維修中心將帶來更多售後收入,成為長期增長主要動力,將目標價從47元降至37元,2023至2025年盈利預測下調18%至25%。而永達汽車目標價則從7.2元降至5.1元,2023至2025年盈利預測下調25%至42%。
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