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惠譽:中國消費需求走弱導致消費類企業面臨不同程度的風險
惠譽評級預期,2022年疲弱的消費需求將會拖累中國的消費類企業,但對不同業務板塊的信用指標影響差異很大,各零售板塊中,生活必需品相對具有韌性,但餐飲服務業及汽車、服裝和化妝品等非剛性支出的需求疲弱爲時或將比2020年更漫長,甚至會持續至疫情管控措施的直接影響消除之後的一段時間。 惠譽認爲,中國長期實施防疫限制措施,將影響對脆弱行業敞口較大的企業的信用指標,例如唯品會(VIPS.US)和海底撈(06862.HK),但海底撈應能通過削減資本支出壓降現金流出,美團(03690.HK)的線上業務和外賣業務走強,可部分抵銷到店業務營收貢獻率降低和營運成本上升帶來的影響。 惠譽指,汽車經銷商方面,廣匯汽車(600297.SH)可能比中升控股(00881.HK)更容易受到銷量臨時性下滑的影響,因爲中升控股的流動性更強,且堅挺的豪華汽車業務敞口更大。
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