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大行評級 | 大摩:電動車直銷模式對汽車經銷商帶來挑戰 看好美東、永達 降正通評級至“減持”
格隆匯9月13日丨大摩發研報指,對內地汽車經銷商而言,由內燃車到電動車的過渡,減少了經銷商服務範圍,但改善了股本回報率。該行料至2025年,直銷模式將會是電動車生產商主要分銷方法。大摩維持予美東汽車(1268.HK)“增持”評級,目標價升至50港元,受惠下全年開店速度加快,以及在偏遠城市電動車帶來的挑戰仍較小。該行維持予永達汽車(3669.HK)“增持”評級,目標價則降至17港元,反映今年上海內燃車配額減少。該行降正通汽車(1728.HK) 評級由“與大市同步”下調至“減持”,在現時經營不確定性下,公司與電動車初創尋求合作存在挑戰。
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