关注《晚点财经》并设为星标，第一时间获取每日商业精华。 宝马中国打算退出价格战，维护品牌价值 三星工会发动无限期罢工，此前四年涨薪 29% 最大货币基金年化收益降到了 1.5% 以内 NSEU 代表约四分之一、总计 2.84 万名三星员工。工会代表说目前已经有 6500 人参与罢工，并扰乱 了生产，还在呼吁更多人加入。三星不同意这个说法，表示会确保生产线不出现任何中断，并将和工 会诚信谈判。 三星是韩国最晚成立工会组织的大公司之一。三星集团创始人李秉喆坚决反对工会，曾说过 "只要我 还活着，就不会允许工会存在"。他的三子、三星第二代掌门人李健熙延续了其方针，虽然愿意提高 员工待遇，但不要工会。 宝马中国打算退出价格战，维护品牌价值 宝马中国决定退出持续近一年的 "降价保份额"。据车 Fans 创始人孙少军称，因价格战导致门店亏损 严重，宝马将从 7 月起，通过减少销售量来稳定价格，缓解门店的经营压力。目前宝马暂未作出回 应。今年初，永达汽车在年报里提到其代理经销的保时捷、宝马主动调减销售计划。 上半年，包括宝马在内的豪华品牌积极参与打折，尤其是电动车。宝马目前折价最高的车型之一宝马 i3，裸车价已相较 35. ...

Core Viewpoint - Bayerische Motoren Werke AG Sponsored ADR (BMWYY) is currently considered a strong value stock, with favorable valuation metrics compared to its industry peers [2][8]. Valuation Metrics - BMWYY has a P/E ratio of 5.36, significantly lower than the industry average of 7.90, indicating potential undervaluation [2]. - The stock's Forward P/E has fluctuated between 5.02 and 6.39 over the past year, with a median of 5.58 [2]. - BMWYY's P/CF ratio stands at 2.77, compared to the industry average of 4.55, suggesting it is undervalued based on cash flow [3]. - The P/S ratio for BMWYY is 0.34, while the industry average is 0.67, further indicating a favorable valuation [5]. - The P/B ratio for BMWYY is 0.55, compared to the industry average of 0.97, reinforcing the notion of undervaluation [7]. Investment Strategy - Value investing is highlighted as a preferred method for identifying strong stocks, utilizing fundamental analysis and traditional valuation metrics [6]. - Stocks with high Zacks Ranks and "A" grades in the Value category are considered among the strongest value stocks available [4].

Group 1 - DXC Technology Company (DXC) has seen its current year earnings estimate revised downward by 18.2% over the last 60 days [1] - Bayerische Motoren Werke Aktiengesellschaft (BMWYY) has experienced an 8.2% downward revision in its current year earnings estimate over the last 60 days [2] - Dynavax Technologies Corporation (DVAX) has had a significant 50% downward revision in its current year earnings estimate over the last 60 days [4]

Group 1: EU's Tariff Decision - The European Commission has initiated an investigation into subsidies for Chinese EV manufacturers to protect its domestic EV industry from competitive pressure [1][2] - The EU plans to impose tariffs of up to 38.1% on electric vehicles imported from China, effective next month, impacting both Chinese and Western automakers [8][9] - Tariffs are set at 17.4% for BYD, 20% for Geely, and 38.1% for SAIC, with non-cooperating companies facing the highest rate [9] Group 2: Industry Reactions - Mercedes-Benz Group CEO has emphasized the need for open markets, highlighting the risk of retaliatory tariffs on luxury vehicles imported into China [6] - The imposition of tariffs is seen as a significant escalation in the global trade war, potentially provoking a tit-for-tat response from China [7] - German Chancellor has warned against restricting automotive trade with China, stressing the importance of open markets for German automakers [13] Group 3: Economic Implications - The new tariffs are expected to increase costs for selling EVs in Europe, potentially slowing the expansion of Chinese automakers in the region [3] - Western automakers like Tesla and BMW will also face higher costs due to the tariffs, impacting their operations [10] - The coordinated tariff actions by the US and EU reflect growing concerns over China's dominance in the EV and battery supply chains [12]

Financial Data and Key Metrics Changes - The company reported a softening effect on pricing with a €300 million impact on EBIT from Q1 to later quarters, indicating that this effect will not be seen at the same level in subsequent quarters [4] - The average revenue per car remained stable at approximately €50,000, plus or minus foreign exchange fluctuations, reflecting disciplined pricing strategies across markets [9][52] - Financial Services business saw a total new contract volume of €15.6 billion, with growth in both new and used car segments by 20% to 22% [68] Business Line Data and Key Metrics Changes - Battery Electric Vehicle (BEV) sales in China grew by 18%, outpacing the overall market growth of 15%, indicating strong performance in the electric segment [17][48] - The company is focusing on refurbishing the oldest factory in Shenyang to increase production capacity and maintain market share in the BEV segment [16][17] Market Data and Key Metrics Changes - The company noted that 90% of BEVs sold in China are priced under RMB 300,000, which affects pricing strategies for models like the 3 Series and X3 [64] - The overall sales in China decreased by 4% in Q1, primarily due to the ramp-down of the 5 Series, but this is expected to improve as production ramps up [65] Company Strategy and Development Direction - The company is committed to maintaining a competitive edge by avoiding import tariffs on Chinese products, emphasizing the mutual dependencies in the supply chain [12][36] - The long-term strategy includes increasing the share of BEVs to comply with upcoming CO2 regulations, with a target of a 15% reduction in fleet emissions by 2025 [11][43] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the potential introduction of import tariffs, arguing that it could jeopardize the competitive advantage of global players like BMW [10][12] - The company remains optimistic about maintaining EBIT margins within the strategic corridor of over 8%, despite challenges in the market [49][74] Other Important Information - The company is investing in high-voltage battery production facilities across multiple countries, including Germany, Hungary, China, the United States, and Mexico, to enhance in-house capabilities [40] - The management highlighted the importance of technology openness and the need for a balanced approach to PHEVs and BEVs to meet customer demands [56][44] Q&A Session Summary Question: Pricing and EBIT bridge - The management acknowledged that Q1 was exceptional and that pricing pressures are expected to ease in the coming quarters, with a focus on maintaining stable pricing levels [9][67] Question: Investments in Shenyang - Management confirmed that investments in Shenyang are aimed at refurbishing the oldest factory to increase production capacity and support BEV growth [16][17] Question: Competitors' insourcing strategies - The company is not currently pursuing significant insourcing but is maintaining a stable sourcing environment with multiple suppliers [18] Question: CO2 legislation and market competitiveness - Management emphasized the need for gradual CO2 reduction policies and the importance of maintaining competitiveness in the automotive industry [43][45] Question: Future margin expectations - The management expressed confidence in maintaining EBIT margins in the upper half of the full-year range, despite potential cost pressures [74]

Financial Data and Key Metrics Changes - The company reported a strong auto free cash flow of EUR 6.9 billion at year-end 2023, despite combined CapEx and R&D expenses of EUR 10.7 billion, indicating operational robustness [37] - The payout ratio proposed for the AGM is 33.7%, marking the strongest in the company's history, with over EUR 16.5 billion returned to shareholders in dividends and share buybacks over the last three years [38] Business Line Data and Key Metrics Changes - The company is preparing to meet the 2025 CO2 targets in Europe, being approximately 20% below the current target in 2023 and expecting to undercut these targets in 2024 [14] - The company anticipates that around 20% of its global production will be battery electric vehicles (BEVs) this year, with a goal of achieving a 50% BEV share globally by 2030 [15] Market Data and Key Metrics Changes - In China, the company sold over 100,000 BEVs in 2023, doubling the sales volume during the year, and is experiencing double-digit growth for BEVs in early 2024 [50][68] - The company noted that 90% of the Chinese market for BEVs is under CNY 300,000, while it achieved over 11% BEV share with its products last year [52] Company Strategy and Development Direction - The company is focused on balancing growth and profitability in its BEV strategy, particularly in the competitive Chinese market, while also emphasizing the importance of plug-in hybrids (PHEVs) as a transitional technology [40] - The introduction of the Neue Klasse vehicles is part of the company's strategy to enhance efficiency and reduce range anxiety for customers [15][55] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the future of the automotive industry, particularly in relation to emission targets and the charging infrastructure across Europe [6] - The company is optimistic about its growth prospects in China, despite acknowledging that growth rates may not be as strong as in the past [68] Other Important Information - The company is not planning to cut R&D expenses but aims to enhance efficiency through AI applications across various processes [55] - The company has seen a significant increase in provisions for bonuses and price reductions, reflecting higher volumes in Q4 2023 compared to the previous year [46] Q&A Session Summary Question: Market environment in China and profitability impacts - Management highlighted that the market environment in China is showing both tailwinds and headwinds, with a focus on balancing profitability and growth [12] Question: Capital allocation strategy - The company discussed its capital allocation strategy, emphasizing a high payout ratio relative to free cash flow and ongoing share buyback programs [22] Question: Emissions compliance and plug-in hybrids - Management confirmed that PHEVs remain a crucial part of their offering, serving as an entry point into electro-mobility for many customers [23] Question: Inventory buildup and agency model - The company clarified that the inventory buildup is related to demand and the launch of new models, with minimal impact from the agency model at the end of 2023 [26] Question: Pricing trends and provisions - Management addressed pricing trends, indicating a strong pricing position and the absence of further dealer support payments in Q1 2024 [62] Question: Residual values and financial results - The company expects lower residual values in 2024, impacting both the Automotive and Financial Services divisions, but remains positive overall [77]

Recently, the narrative surrounding the auto industry’s top stock picks has focused on which company can perfect the electric car. That question may be the wrong one to focus on for investors, however. Discussing electric car companies alongside traditional automakers is like comparing luxury restaurants to grocery stores. Customers can get food at both, but grocery stores are a more sustainable option for the vast majority of people. The correct answer for picking automotive stocks lies in companies that p ...

Rising environmental concerns are driving a global shift toward sustainable energy, with electric vehicles (EVs) taking center stage. This surge in EV sales is poised to drive significant growth in the Zacks Automotive – Foreign industry as cities and nations worldwide push for green energy transitions and deadlines to phase out fossil fuel vehicles. Notably, India, China, Japan and Europe experienced year-over-year growth in vehicle sales in 2023. The momentum is expected to continue in 2024, albeit at a p ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key ...

China's automotive industry is rapidly expanding its presence across the globe and disrupting the dominance of traditional legacy automakers. The country is expected to emerge as the world's leading auto exporter in 2023, dethroning Japan. China’s vehicle exports have hit records for full-year 2023, solidifying its status as a formidable force in the global automotive arena.China's Swift Rise to the TopIn 2022, China ascended to become the second-largest automotive exporter, overtaking the longstanding #2 e ...