Core Viewpoint - UBS reports that Brilliance China (01114) has shown continuous improvement in net profit per vehicle, reaching RMB 27,000, a 24% increase compared to the second half of last year, leading to a 10% to 20% upward revision of net profit forecasts for the fiscal years 2025 to 2027, and an increase in target price from HKD 3 to HKD 3.4, corresponding to a projected P/E ratio of about 3 times for 2026, with a rating of "Buy" [1] Financial Performance - Brilliance China's net profit for the first half of the year increased by 15% to RMB 1.7 billion, also showing a 5% growth compared to the second half of last year [1] - Normalized net profit, excluding one-time items, is expected to be RMB 1.952 billion, which accounts for 62% to 68% of UBS and market's full-year forecast, potentially leading investors to adjust their expectations upward [1]
瑞银：华晨中国(01114)中期盈利改善 升目标价至3.4港元