研報掘金丨東吳證券:金龍汽車25Q2盈利中樞繼續擡升,維持“買入”評級
東吳證券研報指出,金龍汽車發佈2025H1業績預告,業績符合預期。歸母淨利潤層面,25H1預計1.16億元,25Q2預計0.69億元,25Q2同環比+42%/+48%。扣非歸母淨利潤層面,25H1預計0.12億元,25Q2預計0.22億元,公司實現五年來首次單季度扣非歸母淨利潤扭虧。25Q2盈利中樞繼續擡升,降本增效效果顯現。2025年Q1/Q2公司銷量分別爲1.10/1.15萬輛,同比+11.19%/-12.20%,2025Q2單車淨利潤爲0.60萬元,同環比+62%/+43%。認爲本輪客車週期向上的核心催化來自於出口客車的銷量高增與新能源佔比增加,公司作爲國內客車龍頭之一把握本輪貝塔上行趨勢。公司訂單放量驅動增長,國內外市場同步突破;三龍整合+管理層換屆,公司有望進入發展新階段。維持公司“買入”評級。
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