美银：维持广汽集团“跑输大市”评级，激烈竞争将持续压缩集团自主品牌的利润率

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美银证券发表研报指，广汽集团发盈警，预计2025年归属股东净亏损介乎80亿至90亿元，远超该行预期的39亿元。剔除一次性项目后，核心净亏损为89至99亿元。由此推算，2025年第四季净亏损介乎37亿至47亿元，相较于2024年同期为净利润7.04亿元。管理层认为去年业绩疲弱因市场竞争激烈，导致销量增长低于预期，同时行销费用上升，以及无形资产及存货的资产减值损失按年增加。另外，品牌转向聚焦新能源车下...

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