报告名称：BAIC Motor Corp(01958.HK)Hyundai JV drags down 1Q profits
报告类型：港股研究
报告日期：2016-04-22
研究机构：麦格理证券
页数：7
简介：After the market close Thursday, BAIC Motor announced its 1Q results. The shares had been suspended for the day ahead of the announcement. Revenue showed strong growth, rising 30.3% YoY, supported by healthy growth at the Beijing Benz (BBAC) JV, with unit sales up 42.7%. The Beijing brand posted 14.5% volume growth. Despite solid gains in profit at BBAC, investment gains, most of which are from the Hyundai JV, fell 45.8% YoY. Overall NPAT declined 46.5% YoY to Rmb870m. Full P&L in Figure 1 on p. 2.
We expect momentum at BBAC to remain robust, driven by solid demand for the GLA and GLC SUVs. The Hyundai JV should see better profitability from 2Q with the recent launch of the new Elantra Lingdong, its top-volume model. We maintain our Outperform rating and target price of HK$8.10.

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