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《大行報告》大摩:寶馬中國提供一次性回饋 經銷商推薦中升(00881.HK)
摩根士丹利發表報告指,寶馬中國會為在1月達到一定的銷售目標的經銷商提供每輛車6,000至7,000元人民幣的一次性回饋,相當於寶馬在中國銷售均價的2%。報告稱,如果向豪華傳統內燃機汽車(ICEV)提供更大折扣以應對電動汽車降價,將有助於緩解經銷商新車利潤率壓力。 該行提到,目前政府未有太多針對ICEV刺激措施,但增加回饋對ICEV經銷商有積極作用,因為這表明代工商(OEM)願意與經銷商分擔成本負擔。該行認為,其他原始設備製造商亦可能仿效寶馬來支持經銷商。另外,地區政府正支持電動汽車消費,例如上海將延長新能源汽車刺激措施,這對電動汽車代工商來說是個好兆頭。該行預計,上游零部件製造商在今年稍後時間在與代工商談判新合同時,將分擔成本。 汽車經銷商方面,該行看好中升(00881.HK),或受惠代工商提供的回饋;因永達汽車(03669.HK)的市場份額可能會因為上海政府提供激勵以電動汽車取代內燃機而失去市場份額。同時,美東汽車(01268.HK)的股價在過去一個月已上漲了27%,跑贏中升及恆指同期升15%表現。
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