《大行報告》大和升中升(00881.HK)目標價至36元 前景仍穩定
大和發表研究報告指,考慮到新型病毒肺炎疫情爆發,相信中升控股(00881.HK)短期銷售會有一些波動,但相信對其全年經營的影響有限,主要因Lexus及奔馳汽車銷售都維持穩定。
大和預期,過去兩週的新增確診個案數量有所下降,預計病毒爆發期將在第二季度結束,市場或很快可復甦,認為雖然今年首季汽車市場銷量因疫情影響或按年下跌約28%,但相信大部分豪華汽車需求是被延遲而不是消散,預期未來中國政府將推出刺激消費措施,因此豪華車銷量有望第二季恢復。
該行指,Lexus屬進口汽車,生產未有中斷且品牌在中國一向供不應求,因為疫情對Lexus全年銷量和利潤影響料有限;至於奔馳,雖然北京奔馳旗下的國內生產今年首季受到一定程度影響,但在強大品牌形象及健康的經銷結構支持下,預計其利潤率將保持穩定或略微下降,同樣未對中升造成重大影響。
大和又預計,疫情爆發將加速汽車經銷商市場整合,並為中升及永達汽車(03669.HK)等龍頭提供更多併購機會,將中升的目標價由26元上調至36元,重申「買入」評級。(gc/da)~
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