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《大行報告》星展料商品價壓力將損車股產品毛利率1至2個百分點 料長汽受盧布貶值影響
星展發表報告指,俄羅斯及烏克蘭的銷售僅佔中國汽車產量的小部分,去年俄羅斯佔內地汽車出口約6%,估計國際對俄羅斯的制裁只會稍為減少內地汽車的銷量。 不過,該行認為,雖然俄烏的汽車銷售對個別內地車廠而言是微不足道,但預期全球車廠將會面臨更大的挑戰,商品價格壓力或令車廠的產品毛利率下跌1至2個百分點。 星展維持比亞迪(01211.HK)為行業首選,股份評級「買入」,目標價360元,認為集團一直將其上游業務多元化及改善車輛技術,相信有助減輕部分負面影響。 而長城汽車(02333.HK)於俄羅斯的投資料佔其去年底總資產約5%,該行估計盧布貶值令集團遭受一些匯兌影響,料其股價在近期會表現低迷,對長汽股份評級為「買入」,目標價26元。
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