招银国际：微降中国重汽目标价至20.4港元 续予“持有”评级

Core Viewpoint - China National Heavy Duty Truck Group (000951)(03808) reported a net profit growth of 4% year-on-year for the first half of the year, which is roughly in line with expectations [1] Group 1: Financial Performance - The company declared an interim dividend of 0.74 yuan, representing a 55% dividend payout ratio [1] - The slight adjustment of the target price from 20.5 HKD to 20.4 HKD reflects the company's current performance outlook [1] Group 2: Market Outlook - The lack of growth in exports is expected to weaken the overall sales growth for the company this year [1] - The research report maintains a "Hold" rating on the stock, indicating a cautious stance on future performance [1]