《大行报告》瑞银下调广汽(02238.HK)目标价至8.9元 评级「买入」
瑞银发表研究报告指出,广汽集团(02238.HK)自有品牌是2019年度收入波动的最大原因,由2018年贡献21亿元人民币利润,到2019年录得28亿元人民币亏损,但同时指出在日本合资企业持续增长下,公司股价仍有上升空间。
报告指出,广汽传祺(Trumpchi)GS4在换代推动下,月销量由2019年的8,000辆提升至疫情爆发前的15,000辆,二月底的平均折扣也从2万元人民币收窄至几乎为零。随着电池成本下降和产量提升,相信电动车业务亏损会收窄。
该行认为,去年中国汽车市场销量下跌10%,但广汽本田及广汽丰田去年盈利分别增长13%及28%,预期去年底推售的Honda Breeze及今年3月推出的Toyota Wildlander,今年仍会提供收入贡献,甚至足以抵消疫情影响。
瑞银指,广汽丰田去年底将产能由提升12万,至总产能60万,2022年内将再逐步新增40万产能,预期合营扩张下,丰田或会将更多款混合动力SUV车型注入合营公司,期待凌志(LEXUS)本地化。
该行表示,广汽自第四季交出令人失望的财报後,H股股价已下跌18%,认为市场反应过度,维持「买入」评级,目标价由9.8元下调至8.9元,反映2021年预估市盈率约8倍。
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.