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研报掘金丨东方证券:维持上汽集团“买入”评级,目标价26.25元
Ge Long Hui· 2025-09-22 08:06
Core Viewpoint - SAIC Motor Corporation's overseas and export sales in August reached 88,300 units, representing a year-on-year increase of 10.5% and a month-on-month increase of 7.5% [1] Sales Performance - Cumulative overseas and export sales from January to August totaled 664,400 units, showing a year-on-year growth of 2.3% [1] - The company anticipates strong performance in September with the launch of two new MG models in the UK market, aimed at enhancing its product matrix in Europe [1] Market Expansion - SAIC is actively exploring emerging markets such as Central Asia and Africa, which are expected to be significant growth areas for the company [1] - The MG brand's influence in overseas markets, along with the company's technological advantages in multiple powertrains, is expected to support its expansion efforts [1] Product Competitiveness - The sales growth of SAIC's self-owned passenger vehicles is notable, with several models receiving good order volumes [1] - The upcoming launch of the Shangjie H5 is highly anticipated, and models like the MG4, Roewe M7DMH, and the new Zhiji LS6 are expected to be competitive in their segments, potentially boosting sales and profitability [1] Financial Projections - The company forecasts earnings per share (EPS) of 1.05, 1.17, and 1.31 yuan for the years 2025 to 2027, respectively [1] - Maintaining a comparable company average price-to-earnings (PE) ratio of 25 times for 2025, the target price is set at 26.25 yuan, with a "Buy" rating upheld [1]