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《大行報告》大和下調北京汽車(01958.HK)目標價至4.4元 維持「持有」評級
阿思達克 02-19 10:30
大和發表報告表示,內地新型肺炎疫情爆發,令消費者需求減弱,內地汽車品牌亦推遲發佈新產品,預期北京汽車(01958.HK)的銷量很可能受影響,因此將北汽在2020-2021年銷售量預測下調8-10%。 該行認為,公司目前仍主要以北京奔馳為增長驅動,考慮到北京奔馳2019年的銷量高於預期,將北汽2019年淨利潤預測提升2%並將2020-21年淨利潤預測下調7%,以反映銷量預期下降。該行下調對北汽目標價,由5.2元降至4.4元,此相當預測今年市盈率7倍(此前予估值8.5倍),維持「持有」投資評級。 大和指,雖然各內地汽車生產商都已於本月陸續復工,但供應和勞動力短缺,目前廠房利用率可能不高,產能未能迅速回復正常。該行指,考慮到內地汽車及新能源汽車市場疲軟,對北京現代及北汽品牌的前景看法保持謹慎,預計北京現代於2019年初關閉其第一家北京工廠後,淨利潤率將達到個位數低水平,而北汽由於從2019年6月起削減新能源汽車的補貼,今年可能仍處於虧損狀態。(gc/w)~ 阿思達克財經新聞 網址: www.aastocks.com
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