大摩：宝马中国下调建议零售价最多两成 料经销商短期受惠

Core Viewpoint - Morgan Stanley reports that BMW China has reduced suggested retail prices by 10% to 20% for certain imported models, including the 7 Series, 6 Series, M Series, and i-series electric vehicles, effective from January 1 this year [1] Group 1: Price Adjustment Impact - The price reduction is not aimed at initiating price competition, as BMW dealers have been offering discounts significantly below the suggested retail prices for some time [1] - Despite the suggested retail price decrease, actual transaction prices are expected to remain largely unchanged [1] Group 2: Dealer Implications - Dealers such as Yongda Automobile (03669), Zhongsheng Holdings (00881), and Meidong Automobile (01268) are anticipated to benefit slightly from the price adjustments [1] - The lower suggested retail prices will allow dealers to enjoy reduced procurement costs, potentially enhancing their new car sales gross margins [1] - However, future rebates received by dealers may decrease, as the rebate amounts are determined by the manufacturer [1]