《大行報告》美銀證券首予中國重汽(03808.HK)「買入」評級 目標價20.6元
美銀證券發表報告,首次覆蓋中國重汽(03808.HK)並給予「買入」評級,目標價20.6元,預期公司明年純利增長36%、銷售額增長22%、利潤率溫和改善,看好該股主要因為,估計2024至2025年內地重型卡車(HDT)市場處於上升趨勢,而公司在本地及海外市場具有強勁的市場競爭力,以及估值不算高。
該行估計明年內地重卡銷量增長20%,主要因為製造業需求復甦,政府推出措施刺激基建,以及受惠置換需求上升。公司的內地市場佔有率由2019年的16%,增至今年首九個月的27%,相信可以保持龍頭地位。另外,公司在出口市場佔有率約50%,在東南亞及非洲均具優勢,估計今明兩年出口銷售分別27.6萬輛及30.4萬輛,出口繼續成未來的增長動力。
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