大和:削華晨(1114.HK)目標價至7.9港元 股價已反映負面因素
大和發表研究報告稱,受近期新冠病毒疫情影響,華晨中國(1114.HK)汽車銷量勢受挫,然而公司股價自1月中旬以來已累積調整一成,相信負面因素已大致反映,重申其“優於大市”評級,惟削目標價3.66%,由8.2港元下調至7.9港元。
大和指,儘管華晨寶馬計劃在今日恢復生產,但由於勞工及供應短缺,加上需求疲弱,相信華晨寶馬在今年首季將會推遲生產。基於該行對華晨寶馬今、明兩年銷量增長預測由9-14%,下調至9-10%,因此削減華晨中國今、明兩年盈利4-6%。
該行同時將華晨寶馬未來兩年淨利率下調至8.9-9%,但認為華晨寶馬在今、明兩年期間盈利仍可錄得強勁增長,料按年增加10-11%。

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