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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,市場認爲上汽集團合資品牌燃油車銷量下降將可能影響合資品牌盈利能力,擔心合資品牌將可能拖累上汽整體盈利水平;該行認爲合資品牌在去年通過去庫存、去產能、計提減值等手段進行內部調整,今年“輕裝上陣”的合資品牌銷量將有望企穩向上,盈利能力有望逐步改善,預計上汽通用等合資品牌將不會成爲公司盈利負擔。上汽通用2季度銷量同環比向上,新車將有望帶動上汽通用下半年銷量及盈利繼續企穩。隨着去庫存、去產能、計提減值等調整工作逐步完成,預計今年“輕裝上陣”的合資品牌將有望迎來盈利能力改善。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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