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大和:上調華晨中國(1114.HK)目標價至8.2港元 升評級至“跑贏大市”
格隆匯 01-21 14:40

大和發佈報告稱,將華晨中國(1114.HK)目標價由8港元升2.5%至8.2港元,投資評級由“持有”上調至“跑贏大市”。

該行表示,由於有特殊折扣和穩健的銷量增長,華晨中國在2019年下半年可能實現淨利潤增長74%。該行表示,雖然內地和瑞典合作的國能汽車(NEVS)面對輕微的利潤壓力,但在華晨寶馬(BBA)強勁的銷量增長帶動下,預計華晨中國2020-2021年的利潤前景強勁升10%-17%。

該行稱,華晨寶馬推出新系列,預計受到內地對強勁豪華房車需求的支持下,其在2020及2021年的銷售增長分別增加14%及9%(管理指導下銷量增長16%)。華晨寶馬在2022年或推出X5型號,或成為下一個利潤增長引擎。今年第四季度推出的寶馬BEVi X3型號及ICE將在同一平台上生產,因此成本分攤。但是,管理層預計iX3的成本低於ICE版本。

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