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《大行報告》瑞銀下調廣汽(02238.HK)目標價至6元 評級「買入」
阿思達克 08-29 09:47
瑞銀發表報告指,廣汽(02238.HK)上半年純利29.66億元人民幣(下同),按年跌48%,差過市場預期,在上半年佔全年預測比重32%至36%下,預期市場將會下調全年盈利預測,不過大部分投資者的關注重點轉向廣汽埃安,因為公司在6月首次錄得正毛利率。 上半年廣汽本田的淨收入按年削半至19億元,每輛汽車淨利潤按年減少32%至6,500元,受累於市場競爭。廣汽豐田較穩定,但每輛汽車淨利潤按年亦跌19%至1.9萬元。第二季廣汽自家品牌虧損收窄至9.48億元,毛利率6.3%,按季升1.8個百分點,按年持平。 管理層預期今年銷量增長5%,較年初預期的10%為低,該行預期廣汽本田及廣汽豐田下半年盈利能力持續下跌,但廣汽埃安具競爭力、穩定執行市場策略,因此市佔率提升、利潤率改善。公司料廣汽埃安最快明年3月分拆上市,將會是廣汽的主要催化劑,維持「買入」評級,目標價由8港元下調至6港元。
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