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《大行報告》瑞信下調北京汽車(01958.HK)目標價至2.7元 評級「中性」
阿思達克 10-29 10:15
瑞信發表研究報告,指北京汽車(01958.HK)業績遜預期,第三季是過去四年中,首次錄得淨虧損的季度,主因來自合營北京奔馳的盈利貢獻跌幅大過預期,主要受累芯片短缺之影響。 該行指出,與現代之合營第三季虧損按年擴大32%,主因收入和淨利潤率下跌。自家品牌虧損按季收窄16%,受惠銷量按季升48%,預期在芯片供應短缺下,自家品牌開始減少對經銷商的回扣。 考慮北京奔馳合營盈利貢獻遜預期,瑞信降北汽2021至2023年每股盈測介乎0.8至8.7%,目標價由2.8元降至2.7元,評級維持「中性」。
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