高盛：微升中国重汽目标价至20港元 维持“沽售”评级

Core Viewpoint - Goldman Sachs has raised its earnings per share forecast for China National Heavy Duty Truck Group (000951) (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, China National Heavy Duty Truck Group reported a net profit of 3.43 billion RMB, representing a year-on-year growth of 4%, which is 5% higher than Goldman Sachs' expectations, primarily 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, 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] - Due to high valuations, structural pressure on profit margins, and weak future earnings outlook, Goldman Sachs maintains a "Sell" rating, with a slight increase in the target price from 19 HKD to 20 HKD [1]