瑞信:上調華晨中國(1114.HK)目標價至9港元 評級“中性”
瑞信將華晨中國(1114.HK)目標價由5.8港元升至9港元,評級由“跑輸大市”升至“中性”。
瑞信發佈報告稱,華晨寶馬合營6月批發量按年增49%至近8.92萬輛,優於行業持平的表現,而6月零售量同比增長28%至近5.96萬輛,意味該月經銷商水平的庫存減少。華晨寶馬合營今年上半年的總銷量26.2萬輛,同比下跌1%,主要由於首季受公共衞生事件影響,銷量跌31%,而第二季度增長31%。因此,瑞信估計合營對華晨上半年的利潤貢獻按年持平,為35億元人民幣。
瑞信預計其股價對6月強勁的銷量增長有正面反應,考慮到銷量較預期強勁,上調對其2020至2022年盈利預測10.8%至19.1%,故調高其目標價及評級。

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