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中金:料疫情過後購車需求恢復 上調中升控股、永達汽車目標價
格隆匯 02-13 14:18

中金公司研報指,多家車企陸續出台對經銷商支持與補貼政策,疫情緩和後中國車企供給恢復或將弱於需求反彈,在供不應求的狀態下,經銷商終端折扣有望回收,利好經銷商盈利恢復。該行看好中升控股(0881.HK)和永達汽車(3669.HK)的業績恢復和中長期增長,分別上調中升和永達目標價至37.7港元和10.9港元。

中金公司表示,大部分購車需求或將轉移至疫情緩和後釋放,而供給端車企主要集中在本週及下週開始復工,產能恢復至正常水平仍需要一段時間。該行又預料,行業或現整合機會,利好資金充足的經銷商龍頭逢低買入,提升龍頭佔有率。

至於小型經銷商,該行指小型經銷商由於規模較小,抗風險能力較弱,且部分廠商,如寶馬對發放補貼的要求為要滿足1月銷量目標,對小型經銷商而言更加困難,資金鍊和經營壓力更大。

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