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廣汽集團(601238):埃安銷量繼續向上 合資品牌銷量維持穩定增長
廣本銷量同比增長較快。廣本7 月銷量7.54 萬輛,同比增長24.8%;1-7 月累計銷量43.29 萬輛,同比增長0.2%,在產能恢復及消費刺激政策帶動下,7 月廣本銷量繼續實現較高同比增速。7 月雅閣銷量2.41 萬輛,皓影銷量1.22 萬輛,繽智銷量1.06 萬輛。7 月廣本冠道紀念版上市,全新緊湊型SUV 車型“致在”即將於8 月上市,預售價16.8 萬元,定位介於繽智與皓影之間,新車將配備懸浮式中控屏、10.2英寸全液晶儀表、BOSE 音響等座艙配置,上市後將在細分市場為消費者提供全新選擇,進一步完善廣本SUV 產品矩陣。 廣豐銷量維持穩步增長。廣豐7 月銷量8.40 萬輛,同比增長11.8%;1-7 月累計銷量58.42 萬輛,同比增長18.7%,廣豐7 月銷量維持同比穩步增長。7 月凱美瑞銷量2.06 萬輛,威蘭達銷量1.27 萬輛,雷凌銷量1.69 萬輛,賽那銷量0.61 萬輛,漢蘭達銷量0.71 萬輛,鋒蘭達銷量0.91 萬輛。新車方面,2022 款凱美瑞、2022 款CH-R、 2022 款威蘭達新車型等重點改款車型接連於近期上市,車型煥新有望為廣豐注入新增長動力。 廣汽自主銷量持續向好,廣汽埃安月度銷量持續攀高。廣汽自主7 月銷量3.13 萬輛,同比增長7.2%;1-7 月累計銷量20.39 萬輛,同比增長13.2%。首款搭載鉅浪混動GMC 2.0 的SUV 車型影酷已開啟盲訂,預計將於8 月開啟預售;新一代傳祺M8 預計將於四季度上市,將搭載鉅浪混動HEV 及PHEV 混動技術,兩款重點新車上市後有望加速公司電氣化轉型,助力自主品牌產品競爭力持續提升。廣汽埃安7月銷量2.50 萬輛,同比增長138.3%;1-7 月累計銷量12.53 萬輛,同比增長134.7%。7 月埃安銷量繼續創新高,Aion Y 銷量達1.25 萬輛,Aion S、Aion Y 新車型上市有望助力廣汽埃安銷量持續走高。 預計2022-2024 年EPS 分別為0.96、1.16、1.39 元,按22 年PE 估值,參考可比公司估值,給予公司2022 年21 倍PE,目標價20.16 元,維持買入評級。 風險提示 乘用車行業銷量低於預期、廣豐、廣本、廣汽自主銷量低於預期、疫情不確定性將影響供應鏈配套。
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