中集车辆：More catalysts in 2021E

原标题：中集车辆：More catalysts in 2021E 来源：同花顺金融研究中心

招银证券12月30日发布对中集车辆的研报，摘要如下：

We see more catalysts for CIMC Vehicles in 2021E: (1) We expect the A-share IPO to be completed in 1Q21E, which should lift the overall valuation; (2) weexpect earnings recovery in 2021E driven by strong domestic demand and policysupport on the elimination of illegal truck modification. Meanwhile, the anti-dumping and countervailing duties in the US should have limited impact on the Company’s earnings. We raised our TP from HK$6.6 to HK$9.2 after rolling over the valuation base to 2021E, based on 6x EV/EBITDA (up from 5x, in line with our target valuation for Weichai Power [2338 HK / 000338 CH, BUY] and Sinotruk [3808 HK, BUY]). Impact of US anti-dumping and countervailing duties manageable. The Coalition of American Chassis Manufacturers in July filed a petition with the ITC about the initiation of anti-dumping and countervailing duties investigation on certain chassis imported from China. That said, CIMC Vehicles can mitigate the potential impact through relocating the production to regions outside of China. Besides, given that the Company’s chassis trailer/total revenue in the North American reduced from 14% in 2018 to only 4% in 1H20, we expect the overall impact will not be significant. Major risk factors: (1) Slowdown of domestic demand; (2) uncertainties on anti-dumping and countervailing duties in the US; (3) further increase in component cost.

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