東風集團 (489.HK): 半年業績好於預期,估值吸引 September 21, 2018

投資概要

東風集團上半年實現銷售收入基本持平,股東應占利潤同比增加約14.9%好於預期,中期派息息穩定。銷售費用和財務費用因合資企業廣宣費用下降和匯兌收益錄得較好的表現。下半年我們認爲東風本田銷量將逐漸恢復,東風日産的産能擴張計劃即將提上日程,總體上預計公司業績將維持穩健,根據調整後的公司業績預測,相應調整目標價至10.6 港元,上調評級至“買入”。(現價截至9 月19 日)

中期業績升15%

東風集團上半年實現銷售收入基本持平,達到約人民幣579.22 億元,按年微升約 0.3%。股東應占利潤約人民幣80.68 億元,同比增加約14.9%,每股收益0.9364 元, 按年升14.9%,上半年公司綜合毛利率約13.9%,較去年同期約13.6%小幅提升0.3 個 百點。業績好於預期。公司繼續派發穩定的中期息:每股10 分。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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