<p>美银证券发布研究报告称，广汽集团 (02238.HK) +0.060 (+2.128%) 空头头寸为 965 万美元；比例为 58.964%。2026 年第一季度录得收入 202 亿元人民币，同比增长 2%。然而，毛利率降至负 2.7%，同比下降 1.6 个百分点，主要由于原材料价格上涨。在此期间，合资企业和联营公司的利润达到 12 亿元人民币，同比增长 6%，主要受广汽丰田 7% 的适度销售增长推动。2026 年第一季度净亏损从去年同期的 732 亿元人民币缩窄至 656 亿元人民币，占经纪人全年预测的 37%。剔除一次性项目后，净亏损为 14 亿元人民币。</p>
<p>美银证券预计，激烈的竞争将对广汽集团自有品牌的盈利能力造成压力，导致 2026 年和 2027 年盈利能力疲弱。该经纪公司重申对广汽集团 H 股和 A 股的表现不佳评级，H 股目标价为 3.2 港元，广汽集团 (601238.SH) A 股目标价为 6 元人民币。（ec/a）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 4 日 16:25。）（A 股报价延迟至少 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

广汽集团

<p>BofAS 报告称，广汽集团在 2026 年第一季度的收入同比增长 2%，达到 202 亿元人民币，但其毛利率下降至-2.7%。合资企业的利润同比增长 6%，达到 12 亿元人民币，而净亏损缩小至 6.56 亿元人民币。BofAS 对广汽集团维持 “跑输大市” 的评级，指出激烈的竞争影响了盈利能力，H 股目标价为 3.2 港元，A 股目标价为 6 元人民币</p>

<p>BofAS issued a research report stating that GAC GROUP (02238.HK) +0.060 (+2.128%)  Short selling $9.65M; Ratio 58.964%  recorded revenue of RMB20.2 billion in 1Q26, up 2% YoY. However, gross margin fell to negative 2.7%, down 1.6 ppts YoY, mainly due to rising raw material prices. During the period, profit from joint ventures and associates amounted to RMB1.2 billion, up 6% YoY, primarily driven by a 7% moderate sales growth of GAC Toyota. Net loss in 1Q26 narrowed to RMB656 million from RMB732 million in the same period last year, accounting for 37% of the brokers full-year forecast. Excluding one-off items, net loss amounted to RMB1.4 billion.</p>
<div class="lb-trans"><p>美银证券发布研究报告称，广汽集团 (02238.HK) +0.060 (+2.128%) 空头头寸为 965 万美元；比例为 58.964%。2026 年第一季度录得收入 202 亿元人民币，同比增长 2%。然而，毛利率降至负 2.7%，同比下降 1.6 个百分点，主要由于原材料价格上涨。在此期间，合资企业和联营公司的利润达到 12 亿元人民币，同比增长 6%，主要受广汽丰田 7% 的适度销售增长推动。2026 年第一季度净亏损从去年同期的 732 亿元人民币缩窄至 656 亿元人民币，占经纪人全年预测的 37%。剔除一次性项目后，净亏损为 14 亿元人民币。</p>
</div><p>BofAS expects intense competition to weigh on the profitability of GAC GROUPs proprietary brands, leading to weak earnings capability in 2026 and 2027. The broker reiterated its Underperform rating on both the H-shares and A-shares of GAC GROUP, with a TP of HKD3.2 for the H-shares and RMB6 for GAC GROUP (601238.SH) 0.000 (0.000%)  A-shares. (ec/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>美银证券预计，激烈的竞争将对广汽集团自有品牌的盈利能力造成压力，导致 2026 年和 2027 年盈利能力疲弱。该经纪公司重申对广汽集团 H 股和 A 股的表现不佳评级，H 股目标价为 3.2 港元，广汽集团 (601238.SH) A 股目标价为 6 元人民币。（ec/a）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 4 日 16:25。）（A 股报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

BofAS: GAC GROUP  1Q26 Gross Margin Deteriorates; Reiterates Underperform

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美国银行

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Bank of America Corp

美银证券：广汽集团 2026 年第一季度毛利率恶化；重申评级为表现不佳