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高盛:升廣汽(2238.HK)目標價至11.1港元 維持確信買入名單內
格隆匯 12-20 10:53

高盛發表研究報告,指中國汽車消費市場正在轉變,推算過去5年有三分之二的新車銷售來自新買家,而未來5年三分之二需求則來自換車需求。有經驗的買家將追求高轉售價的品牌車,以及經濟環保的車款,相信有助廣汽(02238.HK)旗下廣汽豐田和廣汽本田。今年廣汽的盈利遜預期,隨着市場重拾對其日本車合營的長遠品牌價值,預期未來可轉勢。

該行指,廣汽11月傳祺GS4批發銷售達1.1萬部,而第三季平均每月銷售為5,000至8,000;廣汽本田Breeze車款1月售罄,目前等候期2個月,部份客户更額外支付5,000元人民幣,以確保有車。

該行又指,Breeze、GS4加上即將推出的Wildlander,過去的車款都是其銷售最好的產品,預期上述新車款除可推動銷售,亦可推動盈利,有助傳祺減少虧損,以及提升合營的盈利。維持對2020年估值預期及計入2021年的估值預期,目標偵由9.8港元升至11.1港元,維持“買入”(確信名單)評級。

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