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,上汽集團出口處於行業領先地位,預計未來仍將保持穩定增長,是公司盈利的重要組成部分。公司2016-2023年連續8年成爲中國車企出口銷量冠軍,2017至2024年公司海外銷量佔比由2.5%提升至25.9%。預計在出口價差下及經營管理效率提升下,海外車型盈利能力將高於國內,認爲出口增長以及較高附加值車型導入將促進海外盈利能力提升,預計海外市場將成爲公司銷量及盈利的重要組成部分。市場擔心歐盟徵收電動車反補貼稅將會對公司出口造成影響,認爲公司能夠通過推出混動新品彌補純電銷量缺口,預計混動新車型及拓展新區域將是主要增長點。預計上汽國際組織架構調整將提升出口盈利能力。預測2025-2027年EPS分別爲0.95、1.03、1.15元,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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