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花旗:維持廣汽集團(2238.HK)中性評級 目標價升至7.92港元
格隆匯 09-21 12:11

花旗環球研究部發表報吿,將廣汽集團(2238.HK)目標價由7.26港元升至7.92港元,維持中性評級。

報吿指,小幅上調廣汽2021-23年盈利預測至87-93億元人民幣,期間每股盈利年複合增長率為4%。由於預期廣汽傳祺2021年毛利率轉正,但仍會錄虧損52億元;預計2021年廣汽菲亞特/三菱淨虧損將小幅收窄至12.5億元及7.88億元人民幣。該行仍看好廣汽本田/豐田中長期,預計其市場份額將保持穩定,因此小幅上調2021年銷量預測至88.2萬及96.4萬輛。

報吿指,廣汽集團公佈8月汽車銷量為12.2萬輛,同比下降32%;首8個月累計銷量為132.9萬輛,同比增長12%;佔花旗全年預測44%。廣汽本田8月 汽車銷量同比跌38%至4.5萬輛。首8個月累計銷量增長3%至47.7萬輛;豐田8月銷量同比下降36%至4.3萬輛;首8個月總銷量達到53.5萬輛,同比增長16%。本田和豐田受芯片短缺影響最大。根據IHS最新發布的中國汽車產量的預測,本田和豐田在第三季將受影響,IHS 預計汽車製造商減產預計分別為14.6萬及3萬輛,還預計本田/豐田將各減產4.9萬及5.4萬輛,預計芯片短缺的負面影響到持續到2022年底。

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