Core Viewpoint - Bank of America Securities reports that Beijing Automotive's Q3 revenue was 38.4 billion RMB, reflecting a year-on-year and quarter-on-quarter decline of 23% and 4% respectively [1] - The gross margin was 9.7%, down 8.9 and 4.4 percentage points year-on-year and quarter-on-quarter [1] - Net profit for the period was 51 million RMB, falling short of both the bank's and market expectations [1] Revenue and Profit Forecasts - The bank has lowered its revenue forecasts for 2025 to 2027 by 0.4% each year [1] - Gross margin forecasts have been reduced by 2, 1.8, and 2.3 percentage points for the same period [1] - Profit forecasts for the same years have been cut by 59%, 51%, and 53% respectively [1] Target Price and Rating - The target price has been revised down from 2 HKD to 1.9 HKD [1] - The rating has been reaffirmed as "underperform" due to expectations that profits from Beijing Benz will be offset by losses from BAIC's self-owned brands [1]
美银证券：降北京汽车目标价至1.9港元 第三季表现逊预期