20150821-汇丰银行-吉利汽车-00175.HK-Buy 1H15 results don’t just focus on GP margin.pdfVIP

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20150821-汇丰银行-吉利汽车-00175.HK-Buy 1H15 results don’t just focus on GP margin.pdf

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Company report Industrials Autos Equity – China   Geely Automobile (175 HK) Buy: 1H15 results; don’t just focus on GP margin Buy 1H15 NPAT +26%YoY to RMB1,405m, 10% better than our Target price (HKD) 4.40 forecast as subsidy was higher than our expectation Share price (HKD) 3.00 Upside/Downside (%) 46.7 We remain positive on Geely’s product pipeline in the SUV Dec 2014 a 2015 e 2016 e segment HSBC EPS 0.16 0.29 0.34 HSBC PE 15.2 8.6 7.2 Performance 1M 3M 12M Reiterate Buy with TP revised from HKD4.80 to HKD4.40 Absolute (%) -12.8 -29.6 -2.3 based on 12.8x 2015e PE (unchanged) Relative^ (%) -4.0 -7.2 0.7 Market seems not happy with GP margin. GP margin was the key topic for questions during the analyst briefing on 19 August. GP margin only improved from 16.4% in 2H14 to 17.6% in 1H15 (1H14: 20.3%), which was below our forecast of 19.1%. During the analyst briefing, the company attributed the YoY GP margin decline to lower GP margin for new products such as “New Vision” and GC9, which were at an early stage of the product cycle. Change in accounting classification also contributed to the decline. The company