大行評級|瑞銀:下調廣汽評級至“中性” 目標價大削至3.2港元
瑞銀髮表報吿,預計到2025至2026年,中國電動汽車普及率將超過50%。該行認為,由於內燃機汽車市場份額下降,內燃機汽車企業正處於淘汰賽,導致廣汽本田的單部車利潤在2023年顯著下跌。該行指,廣汽豐田和廣汽本田合資公司的銷量在今年首五個月按年分別下降27%和24%。雖然廣汽埃安是電動化領域的先行者,但該行認為廣汽埃安正在被競爭對手超越,導致今年首五個月交付量按年下降39%。瑞銀將廣汽集團2024至2026財年盈利預測下調50至70%,分別至27億、26億及21億元,低於市場預計的52至54億元,認為市場忽視了其巨大的盈利下行風險。該行將其評級由“買入”下調至“中性”,目標價由6港元大削至3.2港元。
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