富瑞:维持广汽集团(2238.HK)“买入”评级 目标价9港元
富瑞发表研究报告指出,广汽集团(2238.HK)因第二季国内品牌“传祺”亏损逊预期令股价走弱,惟该行相信“传祺”的最坏时期已过,加上合资的“本田”(HONDA)及“丰田”(TOYOTA)销售动力可带动增长,因此维持“买入”评级,惟目标价由9.7港元调低至9港元。
该行认为,“传祺”在库存量减低下,提供更多折扣的机会较少,预期第三季折扣将较稳定,令毛利可更为平稳,未来销量将会渐渐回升,集团的毛利率可望由上半年的7.2%回复至下半年的11.5%。
富瑞将今年“传祺”的销量及售价预测分别调低6%及7%以反映短期销售疲弱,另外“丰田”的销量及售价预测分别调升1%及3%,而“本田”的销量及售价预测则分别上调5%及2%。
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