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大和:重申廣汽(2238.HK)“買入”評級 目標價10.5港元
格隆匯 09-09 16:26

大和發表研究報吿指,廣汽集團(2238.HK)已把廣汽菲亞特的全部生產轉移至其長沙工廠,並關閉廣汽菲亞特的廣州工廠,亦看好廣汽菲亞特潛在的股票出售,因為這將有助於廣汽減少虧損,廣汽菲亞特自2018年以來一直處於虧損狀態,截至2020年底累計虧損44億元人民幣,料廣汽菲亞特的每車虧損將進一步擴大,維持H股目標價10.5港元,重申“買入”評級。

大和表示,廣汽目標是在2022年將廣汽埃安的產能從目前的10萬輛增到每年20萬輛,估計廣汽可能會將廣汽菲亞特廣州工廠的閒置產能轉移給廣汽埃安。大和又預料廣汽豐田在今年三季度受壓,雖然廣汽豐田今年上半年芯片短缺影響有限,但馬來西亞自6月以來的停產導致豐田在8月份全球範圍內減產50%,亦對豐田今年第三季度的產量保持謹慎,因為馬來西亞的芯片封裝及測試能力目前僅恢復到正常水平的30%,或於11月才恢復至100%。

該行指出,由於把廣汽豐田銷量預測下調了約5萬輛將2021年每股收益下調16%,但上調2021-23年的收入預測8-27%,以反映廣汽埃安銷量預測上調。 

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