《大行報告》高盛下調廣汽(02238.HK)目標價至4.3元 評級「中性」
高盛發表研究報告指出,廣汽(02238.HK)次季收入按年增長39%至350億元人民幣,較該行預期高出25%,主要由於集團自有品牌如廣汽埃安及傳祺的銷售強勁;淨利潤按年跌48%至14億元人民幣,較該行預期低22%,主要由於內燃機(ICE)銷售收縮及加強零售端促銷活動,導致合營企業和聯營的利潤份額按年跌44%所致。
該行引述廣汽管理層指出,展望未來,公司不會主導價格戰,但如果出現另一輪激烈的價格競爭,集團將相應調整價格。
此外,該行將廣汽2023至2025年淨利潤預測下調10%至12%,以反映合營品牌的盈利貢獻下降。對公司目標價由4.8元下調至4.3元,維持「中性」評級。
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