《大行報告》瑞銀上調廣汽(02238.HK)目標價至9.7元 評級「買入」
瑞銀發表研究報告,指廣汽集團(02238.HK)第二季業績大致符預期,相信市場主要關注點逐漸聚焦於其內燃車品牌「傳祺」及純電動車品牌「埃安」。報告稱,「傳祺」虧損仍未見減少,「埃安」混改終見進展。倘「埃安」最終分拆上市,將釋放廣汽重大價值及觸發估值重評。
報告指廣汽傳統業務好壞參半,其日本合營本季面對芯片短缺,但需求仍強勁,料未來數年增長穩定。其「傳祺」品牌較2019至2020年低位呈銷量復甦,但毛利率仍低,虧損仍未見顯著收窄。
該行下調廣汽今明兩年盈測20%至22%,以反映汽車芯片短缺影響及原材料成本上升;維持予廣汽「買入」評級,延伸估值基礎至2022年預測市盈率8倍不變,目標價相應由8.9元升至9.7元,認為引進外部資金的任何進展將成為正面催化劑。
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