高盛：降九兴控股(01836)目标价至16.5港元 对今年前景略为审慎

Group 1 - Goldman Sachs has downgraded the net profit forecast for Jiu Xing Holdings (01836) for 2025 to 2027 by 9% to 16% and reduced the target price from HKD 18.2 to HKD 16.5, while maintaining a "Buy" rating due to the valuation not being overly high [1] - The sales revenue for Jiu Xing in Q4 2025 increased by 0.8% year-on-year, which is below Goldman Sachs' expectation of 4%, with OEM sales remaining flat due to shipment delays and average selling prices declining by 0.4% year-on-year [1] - The management indicated that profit margins will face multiple challenges in the second half of 2025, and it is expected that order channels will slow down in 2026 due to the ongoing impact of tariffs on the entire value chain [1]