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瑞信:维持广汽(2238.HK)评级“跑赢大市” 目标价9.1港元
格隆汇 09-02 14:57

瑞信发表的研究报告指,广汽集团(02238.HK)上半年净利按年下跌29%至49.2亿元人民币,表现符预期,净利下跌主要因为本地品牌经营溢利按年下跌88%,而合营投资收入则按年持平。

期内广汽的合营表现各有不同,当中来自丰田及本田的合营投资收入分别按年升8%及30%,至22亿元人民币及23亿元人民币,主要受惠期内销售分别按年增16%及22%,而来自广汽菲克的投资亏损则大增19倍至4.49亿元人民币,而广汽三菱投资收入则按年跌56%至1.17亿元人民币。

该行指,集团次季盈利按年下跌29.4%至21.4亿元人民币,如撇除政府补结影响,期内可持续溢利按年跌63%至10.6亿元人民币,按季则跌52%,主要因为期内广汽传祺减价,拖累毛利率显着收窄14.2个百分点至3.8%。受本地品牌利润弱过预期影响,该行将公司2019-21年每股盈测下调6.9%至9.4%,目标价由9.7港元降至9.1港元,维持评级“跑赢大市”

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