《大行報告》匯豐研究對內地汽車經銷商看法轉爲更謹慎 下調中升(00881.HK)目標價至52元
匯豐發表研究報告指,由於更長的供應限制和潛在的內燃機(ICE)汽車銷量收縮,對經銷商態度變得更加謹慎,相比大衆市場品牌的汽車經銷商,該行更看好豪華品牌汽車經銷商,因爲它們具有更穩健的盈利能力。該行將中升(00881.HK)目標價由66港元下調至52港元,維持「買入」評級,另將廣匯汽車(600297.SH)評級由「持有」降至「減持」,目標價由2.24元人民幣降至1.31元人民幣。
該行表示,由於汽車芯片短缺和疫情控制導致的供應中斷時間較預期長,汽車經銷商在整體汽車需求增長緩慢的情況下承受着更大的壓力。此外,ICE汽車的市場份額不斷被電動汽車品牌奪走。該行將2023年的新能源汽車滲透率預測上調至35%,意味着ICE銷量將下降10%,這或會進一步打壓經銷商的盈利前景。
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