小摩：降北京首都机场股份(00694)至减持评级兼削价四成面临结构性不利因素

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智通财经APP获悉，摩根大通发布研报称，对北京首都机场股份(00694)投资评级由“中性”降至“减持”，目标价由3港元大削40%至1.8港元，认为股份正面临结构性不利因素带来的短期挑战。该行指，该股被剔出港股通，将对约25%的已发行股份构成抛售压力。

业务方面，公司2025年净亏损介乎6亿至7.6亿元人民币，亏损远超市场预期，显示盈利复苏有限。而新的免税合约收入分成比例为5%至8%，结构上亦限制了盈利空间。该行认为，股价若要反弹，需视乎盈利复苏及重新纳入港股通的可能性，但两者在短期内发生的可能性较低。

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小摩：降北京首都机场股份(00694)至减持评级兼削价四成 面临结构性不利因素

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小摩：降北京首都机场股份(00694)至减持评级兼削价四成面临结构性不利因素