《大行報告》大和下調廣汽(02238.HK)目標價至10.6元 評級「買入」
大和發表研究報告指,廣汽(02238.HK)快速的新能汽車轉型支撐了集團可見的收入增長,料自主品牌的利潤率可能隨著銷量的增加而擴大,該行重申「買入」評級,惟將目標價由11.1元下調至10.6元。
該行提到,廣汽管理層的全年銷量指引為240.4萬輛,按年增長12.1%,符合該行早前的預測。展望2023年,集團料將繼續保持高於行業平均水平的增長態勢。同時,公司將加快轉型,重點圍繞智能網聯、新能源、線控底盤等產業鏈建設。 公司還將構建垂直一體化的新能源產業鏈佈局,進一步完善新能源上下游產業鏈。
該行將集團2022至24年的淨利潤預測下調5至17%,主要是考慮到來自國內品牌的競爭加劇,以及取消新能源汽車補貼和內燃機(ICE)車購置稅減免。
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