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《大行報告》摩通料中資汽車股第二季業績弱 估計股價持續受壓
摩根大通指,中資汽車股將會陸續公佈中期業績,預期大部分廠商第二季盈利疲弱,股價在7月的升勢後出現調整,相信弱勢持續,投資者亦會調整對下半年業績的預期。 摩通指,7月份內地乘用車銷售符合預期,但按月持續放緩,行業減價幅度創新高,經銷商庫存亦上升,反映第二季業績疲弱,不過出口保持強勁,相信出口市場繼續是中國品牌的策略性焦點,因爲具有增長空間,邊際利潤亦較高。 摩通估計,在基本情境下,今年整體乘用車銷售有低單位數字增長,新能源車銷售增長大約24%。長遠而言,代工生產(OEMs)廠商盈利前景較佳,將會持續跑嬴汽車同業,當中首選是比亞迪(01211.HK)。小鵬汽車(09868.HK)獲大衆汽車入股,長期基本因素改善,但相信近日升勢已反映未來幾年大部分潛在升幅,需等待較吸引的買入機會。
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