《大行報告》大和下調北京汽車(01958.HK)目標價至3.8元 評級「買入」
大和發表研究報告,指北京汽車(01958.HK)首季初步業績表現遜預期,但相信第二季可有明顯改善,因市場需求復甦和公司成本控制措施,重申「買入」評級,目標價由3.9元降至3.8元。
該行引述北汽指出,相信首季純利按年跌95%至6,200萬元人民幣,主因銷量受新冠肺炎疫情影響而大幅下滑,損害利潤率,加上新能源車津貼自去年6月底起削減,致自家品牌利潤添壓。
大和又稱,4月第二周內地汽車零售和批發銷量分別錄按年14%及11%增長,反映汽車市場需求復甦,3月份北汽與奔馳合營銷售亦見回復正常水平,只有按年2%跌幅,大幅跑贏市場,在預期第二季市場需求改善的情況下,相信利潤亦迎來大幅反彈。管理層預期自家品牌Beijing Motor虧損在今年可縮減50%至60%。
該行降北汽2020至2022年每股盈測介乎1%至8%,以反映首季盈利表現,及輕微下調今年毛利預測,由21.8%降至21.6%。
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