瑞信:昇華晨(1114.HK)目標價至7.4港元 評級“跑輸大市”
瑞信報告指從寶馬第三季業績表現,反映來自與華晨中國(1114.HK)
合營華晨寶馬第三季盈利貢獻升129%至23億元人民幣,高於市場預期,華晨寶馬的季度盈利已相當於市場對其下半年盈利預期73%。該行指,增長主要來自銷量增10%、產品組合改善包括高利潤的X3和5系的增長,以及減少對經銷商的津貼。
該行表示,因應利潤勝預期,調升華晨中國2019-21年盈利預期9.8%,目標價由6.81港元升至7.4港元,惟評級為“
跑輸大市
”。該行預期第四季合營銷售會放慢至單位數增幅,利潤亦會下降,因合營於第四季為X3 SUV和5系房車向經銷商提供額外2%的補貼。
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