大和维持广汽(2238.HK)“买入”评级仍对日本合资品牌前景保持乐观
大和发表研究报告指,内地政策的转变及汽车行业销售疲软的影响超出预期,令该行重新审视广汽集团(2238.HK)的预测,该行对公司自有品牌的销售及利润前景更加谨慎,因此将集团的目标价下调13.9%,由原来的11.5港元降至99.9港元,维持“买入”评级。

大和表示,广汽旗下的品牌传祺(Trumpchi)在6月份的销售额按年增长19%,今年下半年销售回升1%,该行留意到集团收入受压,主要来自折扣太高而导致利润有所下降,估计今年集团的自有品牌将会略有亏损。而日本品牌的前景仍然良好,儘管市场低迷,但本田及丰田上半年的销售额分别按年增长16%及22%,认为政策转变对利润率带来的影响有限,仍对日本合资品牌前景保持乐观。
该行同时将2019至2021年的盈利预测下调6至12%,以反映对集团上半年的销售数据看法,以及将2019至2021年的毛利率预测下调至14至15%。
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