《大行报告》花旗:北京汽车(01958.HK)中期业绩稳健 受惠奔驰合营净利润率强劲推动
北京汽车(01958.HK)今日股价弹高,新报2.19元抢升16.5%。花旗发表报告指,北京汽车(01958.HK)今年上半年纯利28.5亿元人民币,按年增长32%,业绩表现稳健,主要因为奔驰合营录得稳定盈利,自家本地品牌及现代汽车合营亏损收窄。市场预期今年纯利36.5亿元人民币、而该行最新预测今年纯利44亿元人民币,上半年业绩反映整体表现好过预期。在公司举行分析员会议后,将会有更多资料,该行维持对北京汽车目标价3.4元,评级「买入」。
该行指,上半年北汽与奔驰合营毛利率24.9%,按年跌1.1个百分点,主要受累减价,不过净利润率维持在12.8%的稳健水平,纯利按年仍升4%。另外该行估计,与现代汽车合营上半年亏损29.5亿元人民币,较去年上半年的亏损35亿元人民币有所收窄。
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