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研報掘金丨東吳證券:福田汽車盈利維持穩定,維持“買入”評級
東吳證券20日研報指出,福田汽車(600166.SH)Q2業績表現超我們預期,毛利率同環比高增,降本增效持續推進。鑑於福田汽車商用車業務覆蓋完善,盈利維持穩定,長期新能源領域佈局持續發力,認為福田汽車應該享受更高估值溢價,維持“買入”評級。營收維度,2023Q2公司整車銷量為15.97萬輛,同環比分別+30.14%/-11.7%,並表銷量為12.55萬輛,同環比分別+30.95%/-8.61%,營收與銷量同環比趨勢相同,同比提升主要原因是商用車行業整體復甦,環比下降主要系Q2淡季,行業銷量整體略下滑導致。
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