《大行报告》大摩下调广汽(02238.HK)目标价至10元 评级「增持」
摩根士丹利发表研究报告指,广汽(02238.HK)的日本品牌持续在第三季跑赢大市。广汽丰田在第三季的销量录18.5万辆,按年升11%,按季升24%,主要是受到新系列Levin强劲的销量所带动。期内,广汽本田销量17.9万辆,按年跌2%,按季跌14%。不过,传祺及菲克表现疲弱或会对盈利造成压力。传祺第三季的销量进一步恶化,按年跌29%至90,000辆;菲克则跌39%至17,000辆。
虽然广汽的整体销量按季持平,但预料在市场不景气下将会持续有定价压力,加上新产品的市场推广费用等将导致公司盈利能力下降。该行对公司2019至2021年的盈利预测下调13至20%,将广汽的目标价下调5%至10元,H股投资评级「增持」;A股评级则由「与大市同步」下调至「减持」。
(更正:2019-10-24 11:05:11 《大行报告》大摩下调广汽(02238.HK)目标价至10元 评级「增持」)
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