招银国际：广汽集团（601238）-Exports,customermixtodrivemarginrecovery

广汽集团(601238) MaintainBUY.GAC’s2Q26netlosswidenedQoQonsellingexpensesandequityincome,despiterevenuebeat.ManagementraisedFY26Eexporttargetby20%,whichmayresultinmarginimprovementin2H26E.That,alongwithimprovingAionretailcustomermixandcontinuouscostreductionefforts,coulddrivemulti-yearGPMrecovery,inourview. 2Q26revenuebeat,brand-buildingexpensesdrag.GAC’s2Q26revenuerose16%YoYandbeatourestimateby13%toRMB26.3bn.GPMimprovedslightlyto-2.4%(vs.-2.7%in1Q26and-4.9%in2Q25),beatingourforecastof-3.1%.Netlossin