投資概要 一
季度盈利下滑83%，二季度業績反彈兩成，三季度繼續强勁反彈超四成 永達汽車2020年前三季度實現收入482.36億元，同比增長7.9%；歸母淨利潤10.1億元，同比下滑6%，公司1Q、2Q綜合收入分別爲104.8億元和179.5億元，同比下滑25%和增長14.4%，淨利潤分別達0.59億元和4.71億元，同比下降83%和增長21.3%。 第三季度，豪車市場需求依舊强勁，公司的收入和淨利潤分別同比勁升31.5%和41.2%，至198億和4.8億。 豪華品牌銷售毛利率逆勢走高 上半年，永達汽車的新車銷售收入同比下降3.7%至235.81億，原因是新車銷量同比下滑13.5%，惟因豪華品牌銷量和收入占比分別提升6.5/3.7個百分點至70.9%/86.1%而被局部抵消。 疫情因素造成上半年業績波動較大，二季度的反彈反映了公司所處的豪華品牌車型市場購車需求依然保持强勁。第一、二季度新車銷量分別同比下降30.6%和上升0.4%，其中，豪華品牌一、二季度車型銷量分別下降21%和上升8%，中高端品牌則分別下滑46%和15%。受益于廠家支持政策加大，豪華品牌毛利率不降反升，在寶馬/保時捷等主流品牌帶動下，上半年公司豪華品牌的新車銷售毛利率同比小幅增加了約0.2個百分點。 第三季，新車銷量同比增長30.8%，與上半年不同的是，三季度中高端品牌銷量環比改善明顯（+34%qoq），儘管同比增速來看豪華品牌的反彈（+32.3%yoy）依舊强于中高端品牌（+28%yoy），帶動新車銷售收入同比大幅上升35%至165.7億元。 售後業務一季度因疫情承壓 售後業務方面，因疫情衝擊，上半年該分部收入同比下滑6.6%，尤以第一季度影響最甚，收入和毛利均同比下滑超三成。由于售後業務毛利占整體毛利接近七成，對公司業績拖累較大。二季度售後業務實現快速反彈，收入和毛利均同比升超15%。上半年售後業務的收入同比下降6.7%，毛利率基本持平，爲46.05%。三季度售後業務延續反彈趨勢，收入同比增20.8%。 我們認爲，考慮到新店收購、一綫城市提高車牌發放額度，以及主機廠的支持政策等有利因素，四季度售後業務仍有望加速復蘇，完成全年增長目標把握較大。 增值業務方面，基本保持穩定，租賃業務和金融自營業務分部的收入持平，錄得4.6億左右，分部毛利略降1.9%至2.12億，毛利率45.9%，减少0.6%，短期內我們預計該分部業務或將暫時維持現狀。
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Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.
