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大行評級 | 瑞信:升北京汽車(1958.HK)目標價至2.75港元 維持中性評級
格隆匯 03-14 16:31
格隆匯3月14日丨瑞信發研報表示,北京汽車(1958.HK)的北京奔馳(Benz)合資公司毛利率優於預期,該行將公司2021至23年盈利預測上調3.1%至6.2%,目標價亦由2.7港元上調2.75港元,維持“中性”評級。報吿提到,梅塞德斯2021年第四季業績顯示,儘管北京奔馳季內銷量按年下降7%,盈利仍按年增長13%,業績優於預期。瑞信認為,北京奔馳合資公司的季度淨利潤增長是由於2021年第四季產品結構的改善;期內因歐元貶值令人民幣的進口零部件成本降低了3.4%;及芯片供應短缺,令零售價較理想。瑞信續表示,北京奔馳合資公司今年起較為疲弱,首兩個月總銷量按年下降12%,遠低於期內整體乘用車行業15%的按年銷量增長。該行認為,銷量疲弱是由於關鍵零部件供應商的問題。該股現報2.28港元,總市值183億港元。

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