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.
廣汽集團(02238.HK):日系品牌引領,給予“收集“評級,目標價 8.90 港元
格隆匯 11-03 21:18

機構:國泰君安

評級:收集

目標價:8.90港元

廣汽集團 2020 年第三季度淨利潤為人民幣 26.8 億元,同比增長 89.5%,基本符合我們的預期。 由於主要品牌的汽車銷量已從疫情中完全恢復,因此 2020 年第三季度業績同比和環比均有所改善。2020 年第三季度,傳祺銷量同比增長 9.5%,帶動收入同比增長 19.3%至人民幣 175.1 億元。然而,毛利率同比微跌 0.8 個百分點至 5.3%。下降的原因可能是為支持銷售增長提供了更多折扣。 自主品牌業務虧損同比收窄 36.2%至人民幣 6.9 億元。另一方面,得益於廣汽本田(同比增長 29.8%)和廣汽豐田(同比增長 20.3%)的強勁銷售,應占合資和聯營企業的利潤同比增長 35.0%至人民幣 34.2 億元。

2020 年第四季度銷售保持增長。進入旺季,我們預計銷售增長將保持但會放緩。由於廣汽豐田和廣汽本田在 2020 年 1-3 季度的銷售佔比達到 77.6%,我們預計它們將繼續引領公司的整體銷售增長。

我們將 2020 年至 2022 年的淨利潤預測分別小幅上調了 3.5%/ 2.3%/ 2.3%。在銷量方面,廣汽豐田和廣汽本田的表現都好於預期,我們樂觀認為兩個日本品牌都能克服短期產能限制。

我們預計由於傳統的旺季和更多的政策支持,2020 年第四季度的投資氣氛將會改善,而由於估值提高,我們將投資評級上調至“收集”,並將目標價上調至 8.90 港元。我們的目標價相當於 9.5 倍 2021 年市盈率及 8.8 倍 2022 年市盈率。我們認為我們的估值合理且不苛刻。

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