PDF《北京汽车 （1958.HK）》

单车盈利 3.9 万元,同比大升 41%. 北汽自主 北汽自主 北汽自主 北汽自主、 、 、 、北京现代均转盈为亏 北京现代均转盈为亏 北京现代均转盈为亏 北京现代均转盈为亏 不过另两品牌,北汽自主和北京现代,却录得惨淡的业绩表现.受自身产品力 不强,且产品周期换档及结构调整等因素制约,北汽自主品牌上半年销量下滑 45.5%至11.1 万辆,与北汽自主品牌相关的收入由此同比下降 29%至84 亿元, 分部毛利率由 2.3%下降至-15%.最终由去年同期盈利近

4 亿元转为亏损 32.6 亿元. 受市场竞争加剧和中韩政治事件影响,今年以来韩系车销量持续低迷.北京现 代上半年销售同比下滑 42.4%,至约

30 万辆.投资收益(主要来自于北京现 代)首次转亏,创历史新低,由去年同期的盈利 19.8 亿转为亏损 1.2 亿. 投资建议 投资建议 投资建议 投资建议 从最新的销售数纯,七月北京现代和北汽自主品牌的销量出现环比回升, 不过我们认为短期内还难以见到强有力的反弹.北京奔驰的强劲势头不减,七 月销量同比增长 48%.在新能源汽车方面,北汽自主,北京现代和北京奔驰均 有在低中高领域均有足量的新能源车型储备,以迎接未来新能源市场竞争的挑 战.公司半年报业绩大幅差於预期,为此我们下调评级至谨慎增持. BAIC'

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0 7 Beijing Hyundai Self-brand Beijing Benz Source: Company, Phillip Securities Hong Kong Research Peer Comparison Source: Phillip Securities Hong Kong Research Page |

3 | PHILLIPCAPITAL HONGKONG RESEARCH BAIC UPDATE REPORT 财财财财务 务务务报 报报报告 告告告FYE DEC FY12 FY13 FY14 FY15 FY16 FY17F FY18F Valuation Ratios P/E (X), adj. 8.2 11.4 7.8 13.2 7.4 9.5 7.0 P/B (X) 1.8 1.3 1.1 1.3 1.2 1.0 1.0 Dividend Yield (%) 5.4% 5.9% 5.5% 2.6% 4.7% 3.6% 4.9% Dividend payout ratio (%) 44.1% 66.7% 42.9% 34.3% 34.6% 34.1% 34.4% Per share data (RMB) EPS, reported 0.68 0.48 0.70 0.44 0.84 0.62 0.84 EPS, adj. 0.68 0.48 0.70 0.44 0.84 0.62 0.84 DPS 0.30 0.32 0.30 0.15 0.29 0.21 0.29 BVPS 3.16 4.22 5.20 4.61 5.29 5.62 6.17 Growth &

Margins (%) Growth Revenue 83.7% 263.1% 341.0% 49.2% 38.1% 19.4% 17.9% EBIT 37.6% -10.2% 104.3% 20.8% 80.1% 27.5% 22.4% Net Income, adj. 31.5% -20.6% 66.2% -26.4% 91.9% -26.5% 36.6% Margins Gross margin -4.8% 3.2% 15.9% 18.2% 22.6% 26.6% 26.5% EBIT margin 112.0% 27.7% 12.8% 10.4% 13.5% 14.5% 15.0% Net Profit Margin 97.1% 21.2% 8.0% 3.9% 5.5% 3.4% 3.9% Key Ratios ROE (%) 0.38% 2.58% 1.8% 9.7% 16.9% 11.3% 14.3% Income Statement (RMB mn) Revenue 3,520

12782 56,370 84,112 116,199 138,734 163,539 Cost of sales 3,688

12367 47,387 68,835 89,967 101,859 120,152 Gross profit -168

415 8,983 15,277 26,232 36,875 43,387 Other income and gains

1856 620 1,540 1,244

189 62

608 Operating expenditure 1,537 3,519 9,101 12,042

14901 17664

20810 Financial costs

158 474

533 416

468 567

639 Profit before tax

3785 3065 6,698 8,321 15,269 19,498 23,930 Tax

226 114

857 1,999 3,733 6,434 6,461 Profit for the period

3478 2951 5,841 6,322 11,536 13,064 17,469 Minority interests

61 237 1,330 3,003 5,169 8,383 11,075 Net profit 3,417 2,714 4,511 3,319 6,367 4,681 6,393 Source: PSR (Financial figures as at