研報掘金丨開源證券:上汽集團海外市場持續佈局,維持“買入”評級
開源證券研報指出,上汽集團(600104.SH)受通用大幅減值影響2024年業績同比大幅下滑,2025Q1銷量回暖推升業績。鑑於公司自主及合資板塊發力電動智能化、海外市場持續佈局,維持“買入”評級。2025Q1,公司銷量達83.4萬輛,同比+13.3%,而終端交付量超108萬輛、繼續明顯去庫,後續有望迎來邊際持續改善。其中新能源車銷量同比+29.9%,上汽乘用車板塊同比小幅+0.8%,大衆、通用在推出終端優惠、通用前期去庫的背景下,Q1銷量同比僅小幅下滑8.0%、2.2%,表現穩健。此外,公司每年將保持約200億元的研發投入,加速佈局線控底盤、AI等技術領域以及本土化新車型開發。
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