里昂下调华晨(1114.HK)目标价至7.22港元评级“跑输大市”
里昂发表报告指,华晨中国(01114.HK)今年上半年纯利按年下跌9.4%至32亿元人民币,表现逊于该行及市场预期各5%及9%,主要由于合营华晨宝马的收入疲弱。此外,因定价压力及更多折扣以致销售成本提升,华晨宝马上半年的毛利率亦录得下降,集团管理层预期当3系列及X2等新车款推出後,下半年的销售成本将会正常化。

该行下调对华晨中国股份目标价,由8.49港元降至7.22港元,评级维持“跑输大市”。此外,里昂又下调集团今明两年盈利预测分别4%及5%,并采用明年预测市盈率仅5倍,以反映毛利率表现继续受压。
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