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富瑞:華晨(1114.HK)業績符預期 維持買入評級
格隆匯 08-24 16:14

富瑞發表研究報告表示,華晨中國(1114.HK)上半年盈利按年增長25.2%,符合預期,合資品牌華晨寶馬的平均銷售價格及利潤率等均有改善,計劃中的新車型以及產能擴張都顯示出寶馬汽車對合資品牌的投入,該行認為母公司的債務問題對公司核心業務影響有限,而潛在的國企改革將成為催化劑,該行維持華晨買入評級,目標價9.4港元。

該行指,華晨中國的股價變動,顯示投資者對於大股東償還債券的能力存有疑慮,不過華晨汽車集團的信用風險對上市公司基本面影響有限,此前華晨汽車集團將華晨中國部分股權轉讓給遼寧交投,這應該是國企改革的信號,未來可能會有更深層次的合作。該行上調華晨中國2020/2021財年的盈利預測1%及2%。

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