大行評級|大摩:預期今年經銷商新車利潤率將維持在較低水平 首選中升控股
大摩發表中國汽車經銷商報告指,由於豪華內燃汽車折扣擴大,中國汽車經銷商的新車利潤率去年創下歷史新低。展望未來,由於中國市場消費者持續偏好中國電動車多於全球內燃機車市場,該行預期今年經銷商新車利潤率將維持在較低水平。對美國進口汽車徵收關稅的建議可能會使中國消費者更難負擔高級車型,如奔馳GLE/GLS和寶馬X4/6/7。
該行指,相較於美東汽車和永達汽車,更看好中升控股,相信其最壞的時刻已經過去。儘管今年豪華內燃汽車需求仍然疲弱,但來自愛通新車銷售的利潤和汽車維修服務單位的穩定增長可幫助中升今年盈利自去年谷底回升。至於美通和永達的售後服務成長停滯不前,可能使其更易受具週期性新車業務的影響。該行對中升目標價由17港元降至15港元,評級“增持”;永達目標價由2.5港元降至2.4港元,美東目標價則由2.1港元升至2.2港元,評級均爲“與大市同步”。
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