廣汽集團(601238)：集團批發環比-6% 埃安表現靚麗
格隆匯 08-05 11:40
公司公吿：廣汽集團7 月乘用車產量為233,576 輛，同環比分別+42.73%/+0.50%；銷量為220,041 輛，同環比分別+21.92%/-6.11%。其中，1）廣汽本田7 月產量為82,453 輛，同環比分別為+71.54%/+7.67%；銷量為75,436 輛，同環比分別為+24.75%/+1.91%。2）廣汽豐田7 月產量為86,490 輛，同環比分別為+19.90%/-9.18%；銷量為84,000 輛，同環比分別為+11.81%/-16.72%。3）廣汽傳祺7 月產量為35,856 輛，同環比分別為+21.36%/+6.90%；銷量為31,344 輛，同環比為+7.24%/-4.04%。 4）廣汽埃安7 月產量25,474 輛，同/比分別為+152.49%/+7.10%；銷量為25,033 輛，同環比分別為+138.27%/+3.83%。 廣汽集團7 月批發同比+22%，埃安同比表現最佳。廣汽集團7 月產量同比維持正增長，淡季影響下批發銷量環比下滑。1）分品牌來看，廣本產批環比改善，表現好於集團整體，重點車型中皓影系列7 月銷量1.22萬輛，同環比分別-20.54%/-7.24%；雅閣系列7 月銷量2.41 萬輛，同環比分別+137.32%/+11.30%。廣豐生產端表現好於批發端，重點車型中凱美瑞7 月銷量2.06 萬輛，同環比分別-6.55%/-13.14%；雷凌系列銷量1.69 萬輛，同環比分別-20.59%/-13.71%；威蘭達系列7 月銷量1.27 萬輛，同環比分別+2.94%/-6.40%。埃安7 月同比維持高增長，批發銷量創歷史新高， 其中AION Y 7 月銷量1.25 萬輛， 同環比分別+303.02%/+6.18%。2）分車輛類型來看，SUV 車型7 月同比改善幅度較大。轎車7 月產量為106,707 輛，同環比分別+23.75%/-1.38%；銷量為100,752 輛，同環比分別為+8.45%/-6.64%。SUV 7 月產量為106,077輛，同環比分別+73.03%/+1.57%；銷量為99,344 輛，同環比分別+40.79%/-6.23% 。MPV 7 月產量為20,792 輛， 同環比分別+29.06%/+5.21%；銷量為 19,945 輛，同環比分別+17.21%/-2.75%。 集團整體去庫：根據我們自建庫存體系顯示，7 月廣汽集團整體補存，企業當月庫存+13535 輛（較6 月），廣本/廣豐/傳祺/埃安7 月企業端庫存分別+7017/+2490/+4512/+441 輛（較6 月）。 盈利預測與投資評級：廣汽自主+合資共振，新車週期向上。我們維持公司2022-2024 年歸母淨利潤預期分別為116.73/124.30/153.56 億元，對應EPS 為1.12 /1.19/1.47 元，對應PE 為13/13/10 倍，維持公司“買入” 評級。 風險提示：疫情控制進展低於預期；新能源行業發展增速低於預期等。
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