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大行評級|美銀:微降廣汽集團目標價至3.9港元 下調2024至26年收入及每股盈利預測
格隆匯 04-29 12:33
美銀證券發表研究報吿指,廣汽集團首季業績遜市場預期,當中收入按年下跌19%至220億元,盈利跌21%至12億元,主要由於期內廣汽豐田與廣汽本田銷量疲軟,以及合資品牌在價格競爭中增加了對經銷商的返利,導致聯營及合資公司利潤貢獻減少。毛利率則在產品組合改善及電池原材料價格下降推動下,提升3個百分點至5.4%。該行指,廣汽傳祺不斷深化與華為的合作,在北京車展上宣佈啟動聯合創新計劃,傳祺將成為首個在轎車、SUV和MPV上搭載華為最新智能技術的品牌,首款車型可能在明年首季度交付,目前廣汽傳祺實現盈利,而廣汽埃安則目標今年銷量65萬輛以達到收未平衡。集團重申本年度銷量按年增長10%的目標,計及首季業績表現,美銀將2024至2026年收入預測下調14%、16%及17%,每股盈利預測下調8%、8%及3%,目標價微降至3.9港元,重申“買入”評級。
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