<p>摩根士丹利发布报告称，华晨宝马（华晨中国的子公司，股票代码：01114.HK）面临的经营压力远超预期，导致该公司去年税后净利润比经纪人之前的预测低 25%。为了反映这种压力，摩根士丹利将华晨中国 2026 年和 2027 年的净利润预测分别下调了 7% 和 8%，以考虑华晨宝马销售带来的利润压力，其销售量在 2026 年前四个月下降了 10%。</p>
<p>该经纪人指出，尽管下调了盈利预测，但将华晨宝马合资企业的目标市盈率从 3 倍上调至 4 倍。他认为，部分利润压力已经在 2025 财年的利润下降中反映出来，并预计这种压力在未来将有所缓解。此外，该经纪人对华晨中国自有业务的经营预测进行了有限的修订。</p>
<p>基于分部估值法，摩根士丹利将华晨中国的目标价从 3.4 港元下调 15% 至 2.9 港元，并维持平等权重评级。（数据来源：香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026 年 5 月 14 日 16:25。）</p>

华晨中国

<p>摩根士丹利已将华晨中国的目标价格从 3.4 港元下调至 2.9 港元，维持 “持平” 评级。此次下调反映了宝马华晨面临的重大运营压力，导致 2026 年和 2027 年净利润预测下降 25%。尽管如此，该券商将合资企业的目标市盈率从 3 倍上调至 4 倍，预计未来利润压力将有所缓解</p>

<p>M Stanley issued a report stating that the operating pressure faced by BMW Brilliance, a subsidiary of BRILLIANCE CHI (01114.HK) -0.060 (-2.041%)  Short selling $4.75M; Ratio 12.097%  , last year far exceeded expectations, leading to the companys net profit after tax for last year being 25% below the brokers prior forecast. To reflect such pressure, the broker lowered its net profit forecasts for BRILLIANCE CHI for 2026 and 2027 by 7% and 8%, respectively, to factor in margin pressure from BMW Brilliances sales, with its sales volume declining 10% in the first four months of 2026.</p>
<div class="lb-trans"><p>摩根士丹利发布报告称，华晨宝马（华晨中国的子公司，股票代码：01114.HK）面临的经营压力远超预期，导致该公司去年税后净利润比经纪人之前的预测低 25%。为了反映这种压力，摩根士丹利将华晨中国 2026 年和 2027 年的净利润预测分别下调了 7% 和 8%，以考虑华晨宝马销售带来的利润压力，其销售量在 2026 年前四个月下降了 10%。</p>
</div><p>The broker noted that despite cutting its earnings forecasts, it raised the target price-to-earnings multiple for the BMW Brilliance joint venture from 3x to 4x. It believes part of the profit pressure has already been reflected in the profit decline for FY2025 and expects such pressure to ease going forward. In addition, the broker made limited revisions to the operating forecasts of BRILLIANCE CHIs self-owned businesses.</p>
<div class="lb-trans"><p>该经纪人指出，尽管下调了盈利预测，但将华晨宝马合资企业的目标市盈率从 3 倍上调至 4 倍。他认为，部分利润压力已经在 2025 财年的利润下降中反映出来，并预计这种压力在未来将有所缓解。此外，该经纪人对华晨中国自有业务的经营预测进行了有限的修订。</p>
</div><p>Based on the sum-of-the-parts (SoTP) valuation method, M Stanley lowered its TP for BRILLIANCE CHI from HKD3.4 by 15% to HKD2.9 and maintained an Equalweight rating. (da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.)</p>
<div class="lb-trans"><p>基于分部估值法，摩根士丹利将华晨中国的目标价从 3.4 港元下调 15% 至 2.9 港元，并维持平等权重评级。（数据来源：香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026 年 5 月 14 日 16:25。）</p>
</div>

M Stanley Cuts BRILLIANCE CHI  TP to HKD2.9, Rating Equalweight

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MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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摩根士丹利将华晨中国的目标价下调至 2.9 港元，评级为持平