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《大行報告》花旗:濰柴(02338.HK)季績符預期 目標價上調至13.2元
花旗發表報告指出,濰柴(02338.HK)第三季業績符合預期,期內收入按年增長24%至542.48億元人民幣,按季升3%;純利按年增長1.83倍至26.02億元人民幣,按季升27%,與公司早前發盈喜預測一致。 期內,公司主要受惠於中國重型卡車(HDT)及引擎銷售強勁增長;旗下凱傲(Kion)盈利顯著反彈,季內轉盈6.29億元人民幣,相對於去年同期則錄虧損6.39億元人民幣;凱傲盈利能力恢復,令公司毛利率大幅改善,原材料成本下跌,以及規模經濟改善。 在考慮到濰柴第三季業績,以及中短期毛利率更為樂觀的預期後,該行將公司2023至2025財年純利預測上調5%、24%及33%,目標價由11.4元上調至13.2元,評級「中性」。
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