《大行報告》美銀證券上調廣汽(02238.HK)目標價至8.2元 評級「中性」
美銀證券發表報告表示,廣汽集團(02238.HK)今年首季銷售按年升47%至160億元人民幣(下同),銷量則按年升62%,期內毛利率6.3%,按年擴闊1.4個百分點,而公司首季EBIT利潤率為負7.2%,主要受自家品牌、電動車及研發中心拖累,但情況已較去年同期有改善。
該行指,廣汽首季權益收入按年升273%至33億元,反映廣汽豐田、廣汽本田盈利穩健。首季公司盈利企穩在24億元,同時亦獲1.55億元的政府補貼,假如撇除一次性影響,公司盈利應為22億元,而去年同期則錄8,000萬元淨虧損。
美銀證券稱,維持對廣汽銷量預測不變,但對其2021至2023年的銷售額預測分別上升2%、3%及5%,以反映平均銷售單價復甦,同時將經營利潤率預測升0.7、1.2及1.1個百分點,認為自家品牌虧損的影響溫和,故將2021至2023年每股盈測預測分別升8%、14%及12%,目標價由8港元升至8.2港元,維持「中性」評級,認為在新能源車方面開支將增,加上新能源車合營或攤薄利潤,不過估計相關影響可被廣汽本田及廣汽豐田的增長所抵銷。(el/w) ~
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