大行评级丨美银：上调中国重汽H股目标价至29港元 全年销量目标30万辆进展顺利

Core Viewpoint - Bank of America Securities reports that China National Heavy Duty Truck Group (CNHTC) is on track to meet its annual sales target of 300,000 units, with a focus on steady progress towards its 2025 sales and profit margin goals [1] Group 1: Sales and Profitability - CNHTC is maintaining a cautious capital expenditure plan for 2025-2027, with annual spending not exceeding 2 billion yuan, prioritizing investments in overseas production bases such as Kazakhstan, Brazil, and Indonesia [1] - The company expects a dividend payout ratio of no less than 55% for the years 2025-2027 [1] Group 2: Financial Forecasts - Based on updated sales and gross margin assumptions, Bank of America has raised CNHTC's revenue forecasts for 2025, 2026, and 2027 by 5%, 4%, and 4% respectively [1] - Due to an increase in overseas sales proportion, gross margin forecasts for 2026 and 2027 have been adjusted upward by 0.5 percentage points each [1] - Earnings per share forecasts for 2025, 2026, and 2027 have been increased by 4%, 10%, and 10% respectively [1] Group 3: Stock Rating and Target Price - The target price for CNHTC's H-shares has been raised from 24.3 HKD to 29 HKD, while maintaining a "Neutral" rating [1] - The long-term business story of the company's export expansion and solid local market position is viewed positively [1]