《大行报告》星展料商品价压力将损车股产品毛利率1至2个百分点 料长汽受卢布贬值影响
星展发表报告指,俄罗斯及乌克兰的销售仅占中国汽车产量的小部分,去年俄罗斯占内地汽车出口约6%,估计国际对俄罗斯的制裁只会稍为减少内地汽车的销量。
不过,该行认为,虽然俄乌的汽车销售对个别内地车厂而言是微不足道,但预期全球车厂将会面临更大的挑战,商品价格压力或令车厂的产品毛利率下跌1至2个百分点。
星展维持比亚迪(01211.HK)为行业首选,股份评级「买入」,目标价360元,认为集团一直将其上游业务多元化及改善车辆技术,相信有助减轻部分负面影响。
而长城汽车(02333.HK)于俄罗斯的投资料占其去年底总资产约5%,该行估计卢布贬值令集团遭受一些汇兑影响,料其股价在近期会表现低迷,对长汽股份评级为「买入」,目标价26元。
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