General Motors Growth Potential In Focus Amid EV Transition: Analyst Highlights Robust Liquidity, More Buybacks
General Motors Growth Potential In Focus Amid EV Transition: Analyst Highlights Robust Liquidity, More Buybacks
This outlook hinges on the expectation that EBIT from the core ICE business may remain flat in 2025 while the company works towards its goal of improving its EV business by $2 billion – $4 billion.BofA Securities analyst John Murphy reiterated the Buy rating on General Motors Company (NYSE:GM) with a price objective of $85.
美銀證券分析師約翰·默菲重申通用汽車公司（紐交所: GM）的買入評級，目標股價爲85美元。
The auto giant registered third-quarter adjusted EBIT for the quarter of $4.115 billion (+15.5%), with an adjusted EBIT margin of 8.4%, up by 30 bps.
這家汽車巨頭第三季度的調整後EBIt爲41.15億美元（+15.5%），調整後EBIt利潤率爲8.4%，較去年同期提高了30個點子。
The analyst notes an "increasing belief" that the company could see similar EBIT in 2025 compared to 2024.
分析師指出"越來越相信"該公司2025年的EBIt有望與2024年持平。
This outlook hinges on the expectation that EBIT from the core ICE business may remain flat in 2025 while the company works towards its goal of improving its EV business by $2 billion – $4 billion.
這一展望取決於核心傳統燃油業務在2025年可能保持不變的EBIt，同時該公司努力實現其提高新能源汽車業務20億至40億美元的目標。
Murphy writes that if achieved, this could result in a total EBIT of $16 billion – $17 billion for 2025.
默菲表示，如果實現這一目標，2025年總EBIt可能達到160億至170億美元。
Coupled with share buybacks, this might lead to 20% to 30% EPS growth. However, Murphy emphasizes that this is not the analyst's base case, which estimates a 10% EPS growth to $11.45.
再加上股份回購，這可能導致20%到30%的EPS增長。然而，默菲強調這並非分析師的基準案例，分析師估計EPS增長爲10%，達到11.45美元。
Also Read: General Motors' Strong Q3 Earnings Impress Analysts, Highlights Turnaround And EV Profitability Focus
也可閱讀：通用汽車強勁的第三季度盈利印象深刻，突顯轉型和新能源汽車盈利能力重點。
General Motors raised 2024 adjusted EPS guidance from $9.50 – $10.50 to $10.00 – $10.50 (consensus $10.00).
通用汽車將2024年調整後的每股收益指引從9.50美元至10.50美元調整爲10.00美元至10.50美元（市場預期爲10.00美元）。
Murphy highlights that General Motors remains a leader in transitioning from core operations to future growth, with the potential for further expansion beyond 2024.
Murphy強調，通用汽車繼續在從核心業務轉型爲未來增長領域方面保持領先地位，有進一步擴張的潛力超越2024年。
The analyst observed that GM North America's EBIT exceeded expectations, benefiting from a $400 million production pull forward and favorable pricing.
分析師觀察到通用汽車北美地區的EBIt超出預期，受益於40000萬美元的生產提前和有利定價。
In contrast, GM International struggled due to ongoing challenges in China. GM Financial also performed better than anticipated.
相比之下，通用汽車國際業務由於中國持續的挑戰而陷入困境。通用金融業務的表現也優於預期。
Additionally, the analyst notes that spending on Cruise and Corporate was lower than expected.
此外，分析師指出對Cruise和公司的開支低於預期。
Murphy notes that the company's liquidity is more than adequate to navigate macroeconomic volatility while continuing to invest for the future and return value to shareholders.
Murphy指出，公司的流動性充足，可以應對宏觀經濟波動，同時繼續投資未來併爲股東創造價值。
With strong free cash flow and a solid cash position, General Motors has the capacity to enhance shareholder returns, including through additional share buybacks.
憑藉強勁的自由現金流和 soliD 現金頭寸，通用汽車有能力增強股東回報，包括通過額外股份回購。
Murphy raised FY24 EPS estimate to $10.42 from $9.65. For FY25, the analyst raised the estimate to $11.45 from $10.25.
Murphy將FY24每股收益估計從$9.65提高到$10.42。至於FY25，分析師將估計值從$10.25提高到$11.45。
Price Action: GM shares are trading lower by 1.3% to $53.03 at last check Wednesday.
股價走勢：通用汽車股價週三最後一次交易時下跌1.3%，報53.03美元。
Photo by Jonathan Weiss on Shutterstock
Jonathan Weiss / Shutterstock拍攝的照片。
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譯文內容由第三人軟體翻譯。
