《大行報告》瑞信上調北京汽車(01958.HK)目標價至3.25元 評級「中性」
瑞信發表的研究報告指,參考戴姆勒去年業績,顯示北京賓馳合營去年盈利升9%至228億元人民幣,而銷量則升7.7%,意味去年第四季北京賓馳淨利潤按季升4%至62億元人民幣,好過預期。
該行認為賓馳利潤有驚喜主要因為對經銷商的支持減少,期內零售折扣按季減少0.5個百分點至12.6%,另外因為合營於第三季參加了北京汽車展並推出了新款SUV,故第四季營銷開支相對有所減少。
參考現代汽車第四季業績後,北京現代合營第四季錄約20億元人民幣的季度虧損,按季擴闊50%,而銷量則升約65%,該行認為主要是因為合營正減低經銷商層面的庫存。
該行將北汽2020-22年盈利預測分別升3.8%、5.5%及4.1%,以反映賓馳合營盈利能力好過預期,目標價由3.2元升至3.25元,評級維持「中性」。
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