瑞信:升和諧汽車(3836.HK)目標價至4.2港元 評級“跑贏大市”
瑞信發表報告指,由該行的經銷商訪問中得知寶馬宣佈了一項重大計劃,向經銷商就明年第一季的中國零售銷售提供現金補貼。其中,華晨寶馬將為所有本地生產汽車提供每輛6,288元至6,888元補貼,寶馬則為每輛進口汽車提供5,088元至5,688元補貼。
該行認為,明年第一季的補貼遠優於今年第四季,補貼增加主因寶馬由今年第三季開始減少對經銷商的支持,使經銷商的新車銷售毛利下跌,以寶馬最大的經銷集團永達汽車(03669.HK)為例,其第三季新車毛利率為2.04%,低於上半年的2.41%。
瑞信相信,寶馬在中國的經銷商可受惠於補貼加大,上調對和諧汽車(03836.HK)明年及2021年的每股盈利預測分別2.9%及5%,股份目標價由4.1港元升至4.2港元,評級維持“跑贏大市”。

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