招商证券:降潍柴动力(02338)目标价至19.1港元 业绩符预期

智通财经网
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智通财经APP获悉,招商证券发布研报称,潍柴动力(02338)去年业绩符合预期,净利润同比增长26.5%,毛利率升1.3个百分点至22.4%。该行预计,今年中国重卡受到国四报废补贴带动,行业或温和复苏至高单位数增长,料增长6%至10%,达约95万至100万辆,而潍柴动力将会持续受惠。该行维持集团的“增持”评级,H股目标价由21港元下调至19.1港元。

该行下调潍柴动力今明两年的净利润预测4.6%及6.2%,以反映今年重卡行业复苏仍受宏观环境影响,因此弱于预期,不过,公司仍能通过产品结构及业务调整,维持相对高的毛利率水平,以部分抵销负面冲击。

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