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摩通:昇華晨(1114.HK)目標價至10.5港元 評級“中性”
格隆匯 11-07 11:18
摩通發表研究報告指,華晨(1114.HK) 第三季業績顯示,合營華晨寶馬錶現勝預期15%,盈利按年增長達132%,主因產品組合改善、減少對經銷商的津貼(相比第二季)、人民幣相對穩定、銷售增長、經營槓桿改善,抵銷3系過渡相關的開支。該行指,按今年至今的表現,升2019-21年盈利預期7-9%,目標價由9.5港元升至10.5港元,評級“ 中性 ”。
該行表示,預期明年內地乘用車市場為零增長,因日本車和德國車品牌正逐步搶佔市場份額,故更推介中升(0881.HK) ,因其豪華車經銷商地位。

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