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研報掘金丨光大證券:上汽集團2024業績承壓,1Q25利潤環比改善,維持“增持”評級

光大證券研報指出,上汽集團(600104.SH)2024業績承壓,1Q25利潤環比改善。2024年公司業績承壓主要受累於整車銷量下滑+上汽通用虧損,此外MG印度股權轉讓及增資擴股導致非經常性損益同比大幅增加;1Q25利潤環比改善主要受益於整車產銷回升(1Q25上汽整車批售銷量同比+13.3%至94.5萬輛)。合資仍面臨轉型困境,通用五菱成績亮眼。公司已完成榮威和飛凡品牌的融合、並推進一體化網絡建設,與華爲聯合打造智選車品牌尚界首款車型將於2025E秋季上市,預計在重組和對外合作的雙重推動下上汽自主品牌將迎來新發展。長期看好公司品牌/技術/產業鏈優勢帶動自主品牌銷量增長前景,維持“增持”評級。

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