《大行報告》高盛降中資汽車經銷商目標價 車廠價格戰壓抑供應鏈利潤率
高盛發表研究報告指,中國汽車經銷商將陸續於3月底公布業績,相信疫情因素與期內汽車消費支持政策將相互抵銷。去年經銷商售後服務業務受阻,高盛預計該業務今年將復甦,並將推動利潤增長。
該行指出,今年起新能源汽車財政補貼政策結束,多家新能源汽車製造商紛紛降價,年初至今中國汽車行業出現定價競爭及庫存壓力,預計相關影響將對整個汽車供應鏈造成利潤率壓力,當中由於高端品牌經銷商擁有較好的定價能力及價格調整靈活性,相信表現會較好。
考慮到汽車行業變化,高盛預計今年經銷商整體折扣將維持於較高水平,隨著市場競爭趨於理性,零售價格靈活調整,經銷商仍有潛在利潤率上升空間。
高盛將中升控股(00881.HK)2022至2024年純利預測下調至66億、92億及106億元人民幣,目標價從80元降至70元;基於最新盈警公告,亦將美東汽車(01268.HK)純利預測下調至5.04億、18億及22億元人民幣,目標價由31元降至27元。
至於永達汽車(03669.HK)及和諧汽車(03836.HK),高盛分別將永達汽車目標價由9.2下調至8元,和諧汽車目標價由4.4元下調至4元,維持對應今年預測市盈率約10倍不變。
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