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《大行报告》美银证券上调广汽(02238.HK)目标价至8.2元 评级「中性」
阿思达克 05-04 09:59
美银证券发表报告表示,广汽集团(02238.HK)今年首季销售按年升47%至160亿元人民币(下同),销量则按年升62%,期内毛利率6.3%,按年扩阔1.4个百分点,而公司首季EBIT利润率为负7.2%,主要受自家品牌、电动车及研发中心拖累,但情况已较去年同期有改善。

该行指,广汽首季权益收入按年升273%至33亿元,反映广汽丰田、广汽本田盈利稳健。首季公司盈利企稳在24亿元,同时亦获1.55亿元的政府补贴,假如撇除一次性影响,公司盈利应为22亿元,而去年同期则录8,000万元净亏损。

美银证券称,维持对广汽销量预测不变,但对其2021至2023年的销售额预测分别上升2%、3%及5%,以反映平均销售单价复苏,同时将经营利润率预测升0.7、1.2及1.1个百分点,认为自家品牌亏损的影响温和,故将2021至2023年每股盈测预测分别升8%、14%及12%,目标价由8港元升至8.2港元,维持「中性」评级,认为在新能源车方面开支将增,加上新能源车合营或摊薄利润,不过估计相关影响可被广汽本田及广汽丰田的增长所抵销。(el/w) ~

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