报告名称：Brilliance Auto(01114.HK)Reduce：Well flagged 1H15 results but earnings cut could
报告类型：港股研究
报告日期：2015-08-22
研究机构：香港上海汇丰银行有限公司
股票名称：华晨汽车,BRILLIANCE CHI
股票代码：CBA,01114
页数：14
简介：1H15 NPAT 47%YoY to Rmb1,910m, slightly lower than ourforecast of Rmb2,019m; Interim dividend of HKD0.11 is sameas 1H14
We see limited positive catalysts in 2015e and worried aboutdownside risks to consensus earnings
Reiterate Reduce, cut TP to HKD8.10 from HKD9.60 based on9.3x 2015e PE
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