美银证券：升中国重汽目标价至29港元 重申“中性”评级

Core Viewpoint - Bank of America Securities has raised the target price for China National Heavy Duty Truck Group (000951)(03808) from HKD 24.3 to HKD 29, maintaining a neutral rating, indicating that the current stock price reasonably reflects its growth prospects [1] Group 1: Company Performance and Outlook - The company has set an annual sales target of 300,000 units, which is progressing smoothly [1] - Management is steadily advancing towards its sales and profit margin targets for 2025, with a cautious capital expenditure plan not exceeding RMB 2 billion per year from 2025 to 2027, focusing on overseas production base construction in countries like Kazakhstan, Brazil, and Indonesia [1] - The company expects a dividend payout ratio of no less than 55% during the 2025-2027 period [1] Group 2: Financial Projections - Based on updated sales and gross margin assumptions, Bank of America Securities has increased revenue forecasts for China National Heavy Duty Truck for 2025, 2026, and 2027 by 5%, 4%, and 4% respectively [1] - Due to the rising proportion of overseas sales, gross margin forecasts for 2026 and 2027 have been raised by 0.5 percentage points each [1] - Earnings per share forecasts for 2025, 2026, and 2027 have been adjusted upward by 4%, 10%, and 10% respectively [1]