金吾财讯 | 华泰证券研报指，永达汽车(03669)24年营收/归母净利634/2亿，同比-15%/-65%。24H2营收/归母净利323/1亿，同比-46%/-20%。24年净利低于Wind一致预期（3.6亿元），或系传统品牌降价超预期导致单车盈利下滑。该行看好25年新能源车销售比例提升，配合数字营销和网点优化带动业绩改善。考虑到传统豪华及合资品牌仍面临需求和价格压力，该行下调25/26年净利58%/57%至3.9/5.4亿元，预计27年净利7.1亿元。该行基于可比公司平均PE给予公司25E13xPE，对应目标2.78港币（前值3.97港币，对应24E9.4xPE），维持“买入”评级。
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