1、证 券 研 究 报 告2022 年 1 月 27 日【方正汽车深度报告】广汇汽车（600297）汽车经销服务龙头，低点回升空间广阔!#$!#$!#$%&()*+,-(./012!#$%&()*+,-(./012!#$%&()#$*+,-+./0123()456789:;$+?A$CDE34F&#$GHIJKLMN&#$*+,OPQRS2TU&-!VWXYZT4-56;$+fghijkBW301almn-opqrstcuvwxy4;$01z56|-BW39:4tstY-56031_Xt-xyt4ttY“”-5601fx-tY-01fx acfc43#$(45678+9:;?3#$(45678+9

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23、/Ou M9M,l/Ou-2!9b:;yz23p+X,OPffOu9M,pffl/Ou MffOP9LM$%v%3b:;$X3b1:;,#$X汽车销量（百万辆）28.117.35.23.82.61.81.81.40.60.6人均GDP（万美金）1.056.354.024.570.683.141.010.830.851.0421./:-/v5yt./:-/v5yt,$/-./LuPbNv,$/-./LuPbNv9l/1OPHMdM9OLMddvl/dLN9QPLMLdN9+-./dMN9QLMdNv/I-_6 /9:;D(!D)220%100%200%300%400%500%600%700%80

24、0%900%Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21,-./0(%)sYrQ(%)./|:-./: 40w./|:-./: 40w+,l/ v+,l/ v+,/LR_69+,m/9QOucgLMv!+,l/Oud 9l/uMvgLMpl/OuHp/?.G+,l/p+M&yz-v7/eQO,9x,$l/JQOu vDkl/no69+QR6434156no9p&ZDkQR64&vNOtt&#$B ?VWXYZ%3obc#$9:;:;*43R3S!lkmn23./|:-/./|IJ./|:-/./|IJ+,/?Zl/QO

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30、1Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-219:;-4,-=-4,-b:;TUVW64n9$vb:;TUVW64n9$vnpb:;o)PwZ9qr:;Z9b:;ZvZGHDkl/TUVW64pNxHr9MTUVWKYZNN9Zp?YZp?v!a9w-L1upp)LZvanpqp69I-b:;Ztv!b:;AKSAu6!96!9b:; /69!tLMp$6!v!b:;AKSAu6!96!9b:; /69!tLMp$6!vNOP56YQ?56N?VWXYZ%N!b3R3!S SS(wBCNDEq%N3b3R3RSwBCD

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