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《大行報告》摩通降北京汽車(01958.HK)評級至「中性」 目標價下調至4元
阿思達克 09-02 13:53
摩通發表的研究報告指,北京汽車(01958.HK)上半年盈利按年跌65%,相信弱勢大致是源於現代合營虧損擴大,而次季公司盈利按年反彈15%,相信是受惠來自奔馳的合營銷量及盈利均見復甦,而自家品牌的虧損則維持較大。該行將公司評級由「增持」降至「中性」,將其2020/21財年預測降5%,目標價由4.1元降至4元。

該行指出在奔馳合營方面,雖然首季受疫情影響店舖關閉及生產停頓,但次季盈利仍按年升8%,主要是受惠銷售強勁及利潤擴張,該行估計奔馳將帶動今年增長3%,意味下半年的增長將為10%。而上半年北汽品牌虧損27億元人民幣(下同),主要是因為銷量按年跌54%,加上缺乏強勁的新型號推出,估計下半年改善有限。

該行指出結構上看好公司奔馳的業務,估計將受惠高端化的趨勢,並將繼續成盈利主要貢獻,而E-class及GLA兩個新型號在下半年估計可令勢頭持續,另一方面在現代的合營方面估計虧損將會擴大,主要因為銷量較低加上產能利用率降。而另一長遠挑戰是公司缺乏強勁的新能源車產品應對內地競爭激烈的市場,在自家品牌方面估計虧損今年將持續。(el/k) ~

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