研报掘金丨东方证券：维持上汽集团“买入”评级，目标价23.75元

格隆汇2025-07-25

东方证券研报指出，市场认为上汽集团合资品牌燃油车销量下降将可能影响合资品牌盈利能力，担心合资品牌将可能拖累上汽整体盈利水平；该行认为合资品牌在去年通过去库存、去产能、计提减值等手段进行内部调整，今年“轻装上阵”的合资品牌销量将有望企稳向上，盈利能力有望逐步改善，预计上汽通用等合资品牌将不会成为公司盈利负担。上汽通用2季度销量同环比向上，新车将有望带动上汽通用下半年销量及盈利继续企稳。随着去库存、去...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2554756737?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-25 14:19","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"2554756737","market":"sh","top_or_hot":-1,"title":"研报掘金丨东方证券：维持上汽集团“买入”评级，目标价23.75元","media":"格隆汇","content":"<div>\n<p>东方证券研报指出，市场认为上汽集团合资品牌燃油车销量下降将可能影响合资品牌盈利能力，担心合资品牌将可能拖累上汽整体盈利水平；该行认为合资品牌在去年通过去库存、去产能、计提减值等手段进行内部调整，今年“轻装上阵”的合资品牌销量将有望企稳向上，盈利能力有望逐步改善，预计上汽通用等合资品牌将不会成为公司盈利负担。上汽通用2季度销量同环比向上，新车将有望带动上汽通用下半年销量及盈利继续企稳。随着去库存、去...</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n","source":"live_gelonghui","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>研报掘金丨东方证券：维持上汽集团“买入”评级，目标价23.75元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n研报掘金丨东方证券：维持上汽集团“买入”评级，目标价23.75元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-25 14:19 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/rss/live/live.xml><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>东方证券研报指出，市场认为上汽集团合资品牌燃油车销量下降将可能影响合资品牌盈利能力，担心合资品牌将可能拖累上汽整体盈利水平；该行认为合资品牌在去年通过去库存、去产能、计提减值等手段进行内部调整，今年“轻装上阵”的合资品牌销量将有望企稳向上，盈利能力有望逐步改善，预计上汽通用等合资品牌将不会成为公司盈利负担。上汽通用2季度销量同环比向上，新车将有望带动上汽通用下半年销量及盈利继续企稳。随着去库存、去...</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0028","symbol_name":"国家队","start_time":0,"source_url":"https://www.gelonghui.com/rss/live/live.xml","article_id":"2554756737","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2554756737","pubTimestamp":1753424398,"columns":[],"sourceInfo":{"source_id":"live_gelonghui","name":"格隆汇"},"weMediaInfo":null,"summary":"东方证券研报指出，市场认为上汽集团合资品牌燃油车销量下降将可能影响合资品牌盈利能力，担心合资品牌将可能拖累上汽整体盈利水平；该行认为合资品牌在去年通过去库存、去产能、计提减值等手段进行内部调整，今年“","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600104":"上汽集团","600958":"东方证券","BK0028":"国家队","BK0276":"资本市场","BK0187":"一线龙头","BK0015":"沪股通50","BK0175":"白马股","BK0017":"燃料电池","BK0014":"新能源汽车","BK1147":"投资银行业与经纪业","BK0196":"行业龙头","BK0020":"浦东新区","03958":"东方证券","BK0264":"汽车制造","BK0184":"上海国资改革","BK0183":"MSCI概念","BK0188":"融资融券","BK0012":"证金概念","BK1564":"中资券商股"},"translate_title":"Research Report Nuggets | Orient Securities: Maintain SAIC Motor's \"buy\" rating, target price 23.75 yuan","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600104":1,"600958":1,"03958":1,"HOmain":1},"content_text":"东方证券研报指出，市场认为上汽集团合资品牌燃油车销量下降将可能影响合资品牌盈利能力，担心合资品牌将可能拖累上汽整体盈利水平；该行认为合资品牌在去年通过去库存、去产能、计提减值等手段进行内部调整，今年“轻装上阵”的合资品牌销量将有望企稳向上，盈利能力有望逐步改善，预计上汽通用等合资品牌将不会成为公司盈利负担。上汽通用2季度销量同环比向上，新车将有望带动上汽通用下半年销量及盈利继续企稳。随着去库存、去产能、计提减值等调整工作逐步完成，预计今年“轻装上阵”的合资品牌将有望迎来盈利能力改善。预测2025-2027年EPS分别为0.95、1.03、1.15元，维持可比公司25年PE平均估值25倍，目标价23.75元，维持“买入”评级。","kind":"live","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2554756737","isCrawlerRequest":true}