You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
美銀美林:升廣汽(2238.HK)目標價至6.4港元 維持“跑輸大市”評級
格隆匯 10-31 15:08

美銀美林發表報告指,廣汽集團(02238.HK)於昨日(30日)舉行業績電話會議,公司指受新能源車業務及成本增加拖累,其自家品牌第四季利潤將繼續受壓,而公司將聚焦推出新平台及新車款,以及產品升級,總體而言,該行將廣汽2019-2021年銷量預測下調3-6%,並下調了對其毛利率的預測,並將公司2019-2021年盈利預測分別削10%、13%及10%,而該行現時的預測較市場分別低12%、18%及17%。

該行表示,下調對廣汽目標價由6.1港元降至6.4港元,重申評級“跑輸大市”。該行指出,第三季廣汽傳祺的批發量按年下跌30%,而零售則跌23%,雖然庫存已降至健康水平,但第三季毛利仍然收窄,主要因為新能源車業務仍拖累毛利率表現,而升級至國六排放標準對平均銷售單價亦有影響,公司估計今年首九月去庫存及促銷將為利潤帶來6億至7億元人民幣的影響,料第四季仍會受到相關因素拖累,而公司同時削了對傳祺GS4的標籤價,此外升級4S店亦料將影響銷量。

美銀美林指出,今年上半年公司新能源車產能擴張10萬輛,並推出兩款新車,當中AlON S車款今年首九月出貨量達1.4萬台,另外公司亦推出了平價版AlON S作共乘業務以推動銷售,而新能源車業務銷售要達10萬台才收支平衡。該行引述管理層指今年電池成本下降15%,但跌幅仍低於預期。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account