《大行報告》中銀國際降華晨(01114.HK)評級至「持有」 目標價下調至3.5元
中銀國際發表報告指,華晨中國(01114.HK)上半年純利按年升17.7%,至37億元人民幣,略好過預期,主要因為來自華晨寶馬的貢獻較預期高。上半年華晨寶馬收入按年增長10.2%,增幅較銷量的6.1%為高,是受惠於高價X5車型銷售佔比提升,帶動平均售價上升3.8%,不過未來在高檔車型競爭加劇、對分銷商增加補貼的情況下,預料銷量及邊際利潤受壓。
報告指,華晨主營業務恢復經營溢利,毛利率由去年同期的17.9%顯著改善至28%,但在集團進行重組下,能否維持獲利將成疑問。該行將公司今明兩年收入預測下調23%,反映銷售增長放緩,但純利預測分別上調4%至5%,反映華晨寶馬盈利能力較預期強勁。
扣除8月派發的特別息,該行估計華晨每股手頭淨現金3.67元,目前股價已接近每股淨現金水平,而股價走勢與派息的關係大於業績表現,將評級由「買入」下調至「持有」,目標價由4元下調至3.5元,反映2024年預測市盈率3倍。
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