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《大行报告》摩通降北京汽车(01958.HK)评级至「中性」 目标价下调至4元
阿思达克 09-02 13:53
摩通发表的研究报告指,北京汽车(01958.HK)上半年盈利按年跌65%,相信弱势大致是源於现代合营亏损扩大,而次季公司盈利按年反弹15%,相信是受惠来自奔驰的合营销量及盈利均见复苏,而自家品牌的亏损则维持较大。该行将公司评级由「增持」降至「中性」,将其2020/21财年预测降5%,目标价由4.1元降至4元。

该行指出在奔驰合营方面,虽然首季受疫情影响店铺关闭及生产停顿,但次季盈利仍按年升8%,主要是受惠销售强劲及利润扩张,该行估计奔驰将带动今年增长3%,意味下半年的增长将为10%。而上半年北汽品牌亏损27亿元人民币(下同),主要是因为销量按年跌54%,加上缺乏强劲的新型号推出,估计下半年改善有限。

该行指出结构上看好公司奔驰的业务,估计将受惠高端化的趋势,并将继续成盈利主要贡献,而E-class及GLA两个新型号在下半年估计可令势头持续,另一方面在现代的合营方面估计亏损将会扩大,主要因为销量较低加上产能利用率降。而另一长远挑战是公司缺乏强劲的新能源车产品应对内地竞争激烈的市场,在自家品牌方面估计亏损今年将持续。(el/k) ~

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