大行评级丨花旗：上调华晨中国目标价至4.8港元 重申“买入/高风险”评级

Core Viewpoint - Citigroup's research report indicates that Brilliance China will experience three new growth drivers next year, including increased high-profit export sales from the Jinbei brand, an expected rise in domestic market share, and improved manufacturing efficiency through the use of industrial robots, leading to better profit prospects [1] Group 1: Growth Drivers - The high-profit export sales of the Jinbei brand are expected to increase [1] - Domestic market share is anticipated to rise [1] - The adoption of industrial robots is projected to lower production costs and enhance manufacturing efficiency [1] Group 2: Brilliance BMW - Brilliance BMW's export sales are expected to improve, creating upward profit potential [1] - The increase in the localization of automotive parts is believed to help stabilize profit margins [1] - Retail sales for Brilliance BMW are forecasted to grow by 4% month-on-month to 46,000 units in November [1] Group 3: Financial Outlook - Citigroup raised the target price for Brilliance China from HKD 3.75 to HKD 4.8, maintaining a "Buy/High Risk" rating [1] - Overall inventory is expected to remain at a healthy level until the end of the year [1] - The anticipated halving of the new energy vehicle purchase tax in the first quarter of next year may provide visibility for Brilliance BMW's sales [1]