该行提到，东风预计商用车(CV)业务在业务整合及成本控制下，将于2026年至2027年恢复收支平衡。同时公司也将全年销售量预测由270万辆降至240万辆，同比增长16.5%，当中乘用车(PV)及商用车(CV)分别增长15.6%及21.1%。Bank of America Securities has downgraded its earnings forecasts for Dongfeng Group (00489) for the years 2024 to 2026 by 3%, 3%, and 12%, respectively.
According to a research report released by Bank of America Securities, it maintains a 'neutral' rating for Dongfeng Group (00489). It believes that the current valuation already reflects the limited profit growth of the company in the next two years. The target price has been lowered from HK$2.9 to HK$2.35.
The report states that the group's first-half profit declined by 48% year-on-year, falling short of the bank's expectations. It believes that the catalysts for profit growth are limited, therefore it has lowered its earnings forecasts for the years 2024 to 2026 by 3%, 3%, and 12%, respectively, to reflect the lowered revenue forecasts and the expectation of continued weakness in Dongfeng Nissan and Dongfeng Honda, which are the main sources of profit and face intense competition.
The bank mentioned that Dongfeng expects its commercial vehicle (CV) business to achieve income and expenditure equilibrium between 2026 and 2027 through business integration and cost control. At the same time, the company has lowered its annual sales volume forecast from 2.7 million vehicles to 2.4 million vehicles, with a year-on-year growth of 16.5%. Passenger vehicles (PV) and commercial vehicles (CV) are expected to grow by 15.6% and 21.1%, respectively.
