智通财经APP获悉，美银证券发布研报称，北京汽车(01958)去年第四季收入为430亿元人民币(下同)，同比跌11%、按季升13%，毛利率7.8%，同比跌0.6个百分点、按季跌2个百分点。按少数股东权益推算，该行估计北汽持股51%的北京奔驰第四季净利润同比跌27%、按季升22%，销量同比跌22%、按季升9%，反映在激烈竞争下折扣扩大以刺激销售。北汽第四季净利润为7,100万元，对比2024年同期为净亏损21亿元，但去年11月录得出售北汽国际51%股权的一次性处置收益22亿元。将北汽目标价由1.8港元下调至1.54港元，重申“跑输大市”评级，预期北京奔驰利润将被北京自主品牌亏损所抵销。
该行指，2025年合营及联营公司权益亏损为4.71亿元，对比2024年为亏损13亿元，主要受北京现代销量复苏带动。2025年全年净利润为1.23亿元，符合早前初步业绩公告。因应第四季业绩，该行上调2026及2027年收入预测各2%，主要由于调高北汽自主品牌销量预测，但考虑到竞争加剧下折扣扩大，下调同期毛利率预测各1.3个百分点。综合计算，2026及2027年盈利预测分别下调7%及34%。
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