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《大行》瑞銀:政策利好汽車經銷商盈利預期 但需求仍存不確定性
瑞銀發表研究報告指,中升控股(00881.HK)及永達汽車(03669.HK)近期股價分別反彈約20%及5%,相信是來自於中國當局「反內捲」政策,市場憧憬新車銷售利潤率改善;一些經銷商結業的新聞令市場揣測行業未來迎來整合;以及投資者趁低吸納較低估值股份。憧憬若政策有效遏制行業價格戰,瑞銀相信經銷商盈利能力或顯著改善。 但瑞銀也提醒,目前市場需求不確定性仍高,傳統豪華車品牌在華銷售持續疲軟,隨著中國汽車品牌競爭力提升,傳統豪車需求前景未明,加上反內捲政策可能導致終端折扣收窄,或進一步壓抑需求。瑞銀維持對中升控股及永達汽車的「沽售」評級,認為現階段評估盈利潛在改善幅度仍言之過早。
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