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《大行報告》富瑞下調廣汽(02238.HK)目標價至3.98元 下調盈測
阿思達克 10-30 11:27
富瑞發表報告指,廣汽(02238.HK)第三季度收入361億元人民幣,按年升14.5%,純利按年跌33.2%至15億元人民幣,投資收入下跌,受累於合營品牌的進取減價、以及三菱合營的減值損失,不過自有品牌毛利率改善,抵銷合營品牌盈利能力減退的影響。 報告指,廣汽埃安第三季虧損收窄,有望錄得盈利,而三菱退出合營後,生產設施由埃安接手,投資額較埃安原先預期低,預期最大年產能可達70萬至80萬輛,足以滿足明年底的銷售目標。 該行將廣汽今明兩年盈利預測,分別下調至57億及63億元人民幣,主要反映三菱合營的減值損失,以及市場競爭影響日本品牌的盈利前景,目標價由4.73元下調至3.98元,維持評級「持有」。
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