Core Viewpoint - Bank of America Securities has downgraded its revenue forecast for Beijing Automotive from 3% to 4% for the years 2023 to 2027, along with a reduction in gross margin and profit forecasts, reiterating an underperform rating with a target price cut from HKD 2.1 to HKD 2 [1] Financial Performance - In Q2, Beijing Automotive's revenue decreased by 16% year-on-year to RMB 40 billion [1] - The net EBIT margin for Q2 was negative 1.2%, a decline of 7.1 percentage points year-on-year [1] - The estimated quarterly net profit for the joint venture with Mercedes-Benz fell by 43% due to an 18% drop in sales [1] - The company reported a net loss of RMB 569 million for the quarter, compared to a net profit of RMB 943 million in the same period last year [1] - For the first half of the year, total sales decreased by 13% year-on-year to RMB 82.4 billion [1] - The gross margin fell by 4.2 percentage points to 14.5% [1] - Equity investment losses amounted to RMB 34 million, an improvement from a loss of RMB 504 million in the same period last year [1] - The net profit for the first half decreased by 82% year-on-year to RMB 360 million, which aligns with the bank's full-year forecast of RMB 1.6 billion [1]
美银证券：下调北京汽车(01958)收入及盈利预测 目标价降至2港元 重申跑输大市评级