智通财经APP获悉，花旗发布研究报告称，将永达汽车(03669)目标价由2.98港元下调至2.82港元，评级“买入”。鉴于永达汽车去年下半年的新车销售毛利率逊预期，加上二手车销售疲弱，该行对其2024至2026年的净利润预测下调至2.05亿、6.45亿及8.18亿元人民币，毛利率预测亦由8.7%、9.2%及9.6%，下调至8.5%、9.1%及9.5%。
该行预计，永达汽车去年第四季的新车销售按季增长30%。另估计去年下半年的售后服务服务毛利率将与上半年相似。该行预计公司去年整体二手车销量同比下跌20%，主要受新车零售价格压力影响。由于去年12月的销售超出预期，故该行预测今年1月的订单疲弱，1月的新车销售将同比有所下跌。
此外，BMW宣布去年第四季向经销商提供特别回扣，但幅度略低于预期。该行估计去年第四季BMW零售均价按季下跌，因此估计期内永达汽车的BMW新车销售毛利率(不包括交叉销售)按季跌6%，相对于第三季跌2%，去年上半年跌5%。Porsche方面，该行估计去年下半年的新车销售毛利率将低于上半年，当中上半年及第三季同为1.2%，但第四季则因销量推动而按季下跌。
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