《大行報告》大和下調華晨(01114.HK)目標價至1.7元 評級「沽售」
大和發表研究報告指,華晨(01114.HK)旗下華晨寶馬盈利能力按年惡化。期內,華晨收入按年跌9%至5.08億元人民幣,其來自聯營公司的投資收益為37.6億元人民幣,其中37.5億元人民幣來自華晨寶馬,自去年2月分拆後,華晨目前持有華晨寶馬25%的股份。而華晨上半年的自營業務淨利潤低。
儘管中國上半年豪華車消費意欲按年疲弱,華晨寶馬新車銷量仍增長6%至33.4萬輛。該行預計,華晨寶馬的淨利潤率由去年上半年的14.9%收窄至12.5%,淨利潤按年降8%,較低的淨利潤率可能是由於華晨寶馬期內採取的價格策略,及可能虧損或利潤率低於內燃機汽車的純電動汽車比例較高。
該行提到,集團會否進一步派發特別股息,是取決於其重組的潛在投資者沉陽市政府有沒有牽頭的潛在投資項目,又認為公司餘下的現金或會用於投資與寶馬合作的汽車零部件製造項目。該行重申華晨「沽售」評級,目標價由2元下調至1.7元,又降2023至2025年的收入預測7%,及將期內淨利潤預測下調1至7%。
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