研報掘金丨東方證券:維持上汽集團“買入”評級,目標價21.40元
東方證券研報指出,2025年以來上汽集團(600104.SH)深入推進全面深化改革、實施降本增效,1季度產銷同比回升勢頭持續走強,帶動公司1季度盈利實現同比正增長。1季度公司新能源汽車累計銷量27.30萬輛,同比增長29.9%。2025年初公司啓動“大乘用車板塊整合”,將旗下分散的乘用車、研發總院、零部件等板塊整合至統一體系,公司總裁賈健旭親任大乘用車執管會主席,推行“一個目標、一個預算、一張表”的管理模式,逐步實現組織效率和市場反應速度提升。隨着公司內部改革繼續推進,與華爲合作持續深化,預計自主品牌銷量及品牌影響力將有望逐步提升。維持可比公司25年PE平均估值20倍,目標價21.40元,維持“買入”評級。
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