野村:維持北汽(1958.HK)中性評級 目標價3.49港元
野村發表研究報告指,北京汽車(1958.HK)今年首季淨利潤按年下跌95%,因其銷量下跌,加上受新冠肺炎疫情影響產能不足導致運營去槓桿所致。該行維持其中性投資評級,目標價3.49港元不變。
野村表示,北京奔馳仍然是北汽唯一的主要收入來源,抵消了北京現代汽車和北京品牌的虧損。該行預計,北汽本地品牌及北京現代汽車將繼續虧損,今年或會失去更多的市場份額。該行指,當實力更強的競爭者可以通過更好的新車型來爭取被疫情壓抑的需求,而北京奔馳新模式產品線被淘汰和更激烈的競爭,其增長和盈利能力較弱,銷量持續低迷。
野村又指,在北京現代方面,由於來自中國及日本OEM廠商的激烈競爭,中低端市場仍面臨結構性挑戰,認為該品牌需要一種新穎的設計以及嶄新的形象來吸引中國消費者。

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