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高盛:微升中国重汽(03808)目标价至20港元 维持“沽售”评级
智通财经网·2025-09-01 10:05

Core Viewpoint - Goldman Sachs has raised its earnings per share forecast for China National Heavy Duty Truck Group (03808) for 2025 to 2027 by 2% to 7%, reflecting better-than-expected non-operating income and the positive impact of increased engine self-supply rate on profit margins [1] Financial Performance - In the first half of the year, the net profit of China National Heavy Duty Truck Group was 3.43 billion RMB, representing a year-on-year growth of 4%, which is 5% higher than Goldman Sachs' expectations, mainly driven by non-operating income [1] - EBIT increased by 5% year-on-year, which is 3% lower than Goldman Sachs' expectations, due to revenue growth falling short of expectations, with only a 4% year-on-year increase [1] Market Dynamics - The growth in heavy truck sales was offset by a decline in average selling prices both domestically and internationally [1] - Despite the positive adjustments in earnings forecasts, the company maintains a "Sell" rating due to high valuations, structural pressure on profit margins, and weak future earnings outlook, with a slight increase in target price from 19 HKD to 20 HKD [1]