You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩升華晨(01114.HK)評級至「與大市同步」 削目標價至3.3元
阿思達克 08-24 10:26
摩根士丹利發表報告指,華晨中國(01114.HK)在過去兩年明顯地精簡其自營業務,並縮減了汽車零部件和汽車金融業務,具體來說,公司在2021年及2022年總收入分別按年跌31.4%和47.2%;而上半年則按年跌9%,然而,在營運上錄得輕微盈利,營業利潤2.63億元人民幣,對上財年同期錄經營虧損3.07億元人民幣,主要由利息收入帶動。 報告解釋,華晨中國業務主要由三部分組成,即汽車零件、汽車金融及最重要的寶馬銷售。即使寶馬銷售不納入華晨中國總銷售,但相信持續是華晨中國最重要利潤來源。該行料華晨其餘兩項主要業務將續疲弱。由於競爭加劇,該行料其增長利潤率由去年的20.8%降至今明兩年料約18.8%,並於2025年受惠競爭緩和而復甦至19.8%。 該行預料,今年寶馬(BMW)銷量錄得5%增長,達69.8萬輛,受惠於首七個月銷量按年升8%;並料即使來自晨寶馬貢獻放緩,華晨今年純利料按年升2%,明年及2025年亦料按年各升3%,與該行對華晨寶馬的預測一致。該行將其目標價由5元下調至3.3元,相當於預測今年市賬率0.3倍,並將其評級由「減持」升至「與大市同步」,相信現股價已反映內部管理的不確定性,以及特別息分派比率的進一步上行空間。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account