大和:料華晨(1114.HK)今年銷售增長僅2% 降目標價至7.3港元
大和發表研究報告指,華晨中國(1114.HK)管理層對第二季銷售復甦看法樂觀,且新車推出時間及工廠建設均按照計劃進行,惟公司正在審視今年銷售按年增長15%的目標。該行預期,華晨或會下調至中低單位數增長,估計今年銷售增長僅2%,雖重申對其買入評級,但將目標價由7.5港元略降至7.3港元。
大和稱,華晨寶馬生產基地於4月已全面復產,快於預期,而中國供應鏈亦已回覆正常,因此預計5月生產壓力不大。另外,目前也沒有分銷商要求華晨提供財務支援,而4月銷量漸回重回正軌,由於市場憂慮全球停產,公司更因而獲得強勁訂單,在未來數季將會推出額外獎勵計劃或花紅予分銷商以刺激銷售。
大和下調華晨中國2020-22年每股盈利預測3%,以反映該行將公司今年新車銷量增長由5%降至2%的預期。

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