花旗:下調北京汽車(1958.HK)目標價至4.6港元 評級“買入”
花旗發表研究報告,預期北京汽車(1958.HK)去年純利為38.7億元人民幣,以6%增長速度計,2021年純利42億元人民幣,維持對公司“買入”評級,但市場會較傾向奔馳多於北汽自家品牌或公司其他合營品牌企業,目標價由7.24港元大幅下調至4.6港元。
該行預期公司其他合營品牌錄25億人民幣虧損;較好的方面是公司有温和的庫存,及有較好的中價產品組合。相對高檔品牌和日本品牌的低庫存(0.3-1.2個月),北汽其他合營庫存較健康(1.4個月)。此外,預期中價車款會於2020至22年有較好表現,相信公司市佔率有望提高,但目前難以量化數字。

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