研報掘金丨中泰證券:首予北汽藍谷“增持”評級,雙品牌戰略啟程三年躍升
中泰證券研報指出,北汽藍谷於2018年上市,是國內新能源汽車第一股,當前公司明確雙品牌戰略,二者並行發展。此外公司提出2025-2027三年躍升計劃,通過結構優化+降本增效等多措施,以上量並改善盈利為首要目標。結構優化方面,單獨成立享界事業部,制定享界內部銷量佔比目標。降本增效方面,在保證研發的前提下,嚴格控制各項費用,並規劃對部分零部件進行自制,多方面控制成本。當前部分措施已初見成效。25Q1公司營收同比增長151%,毛利率同比+4.1pct,歸母淨利潤同比減虧0.6億元。認為公司雙品牌戰略明確,極狐及享界均迎來邊際向上拐點,首次覆蓋,給予“增持”評級。
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