研报掘金丨东方证券:维持中国重汽“买入”评级,重卡出口份额进一步提升

格隆汇
Nov 09
东方证券研报指出,中国重汽毛利率同环比改善,重卡出口份额进一步提升。前三季度归母净利润14.41亿元,同比增长37.2%;三季度归母净利润4.68亿元,同比增长22.8%,环比减少9.6%。三季度重卡行业销量同比略有回落,公司增速优于行业平均。新能源重卡加速放量,三季度海外市场占比进一步提升。公司稳居行业出口第一地位,借助重汽国际实现出口销量占总销量一半以上,三季度出口占比较上半年进一步提升,后续将持续推进本土化以及定制化战略,充分把握海外增长机遇,打造长期增长点。预测2026-2028年EPS分别为1.73、2.04、2.34元(原为1.67、1.98、2.29元,调整费用率等),可比公司26年PE平均估值15倍,对应目标价为25.95元(原为26.72元),维持“买入”评级。

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