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研報掘金丨東方證券:維持上汽集團“買入”評級,目標價23.75元
東方證券研報指出,上汽集團尚界品牌持續推進,海外市場仍是重要增長點。上半年海外銷量同比轉正,預計海外市場仍是公司未來大自主重要增長點。在歐盟對公司加徵電動汽車反補貼稅後,市場認爲公司今年出海增長將面臨較大壓力,對公司出海的預期普遍不高;我們認爲海外市場仍然是公司的重要增長點和盈利貢獻點,公司憑藉豐富的產品矩陣和前瞻佈局,在歐洲市場推出多款不受額外關稅影響的MG品牌混動車型,成功維持在歐洲市場的銷量規模領先地位。公司改革持續見成效,自主板塊銷量穩步增長,與華爲合作尚界品牌新車型下半年將上市。公司合資品牌銷量呈現企穩態勢,預計合資品牌將不會成爲公司盈利負擔。維持可比公司25年PE平均估值25倍,目標價23.75元,維持“買入”評級。
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