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Earnings Report: CIMC Vehicles (Group) Co., Ltd. Missed Revenue Estimates By 5.3%

Earnings Report: CIMC Vehicles (Group) Co., Ltd. Missed Revenue Estimates By 5.3%

收益報告:中集車輛(集團)有限公司收入未達到預期5.3%
Simply Wall St ·  03/24 09:26

The annual results for CIMC Vehicles (Group) Co., Ltd. (HKG:1839) were released last week, making it a good time to revisit its performance. Revenues came in 5.3% below expectations, at CN¥25b. Statutory earnings per share were relatively better off, with a per-share profit of CN¥1.22 being roughly in line with analyst estimates. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on CIMC Vehicles (Group) after the latest results.

中集車輛(集團)有限公司(HKG: 1839)的年度業績於上週公佈,是重新審視其業績的好時機。收入比預期低5.3%,爲250億元人民幣。法定每股收益相對較好,每股利潤爲1.22元人民幣,與分析師的估計大致一致。根據結果,分析師更新了他們的盈利模式,很高興知道他們是否認爲公司的前景發生了巨大變化,或者業務是否照舊。讀者會很高興得知我們已經彙總了最新的法定預測,以了解分析師在最新業績公佈後是否改變了對中集汽車(集團)的看法。

earnings-and-revenue-growth
SEHK:1839 Earnings and Revenue Growth March 24th 2024
SEHK: 1839 2024年3月24日收益和收入增長

Taking into account the latest results, the current consensus from CIMC Vehicles (Group)'s dual analysts is for revenues of CN¥29.4b in 2024. This would reflect a meaningful 17% increase on its revenue over the past 12 months. Statutory earnings per share are forecast to crater 35% to CN¥0.79 in the same period. Before this earnings report, the analysts had been forecasting revenues of CN¥31.0b and earnings per share (EPS) of CN¥0.89 in 2024. The analysts seem less optimistic after the recent results, reducing their revenue forecasts and making a substantial drop in earnings per share numbers.

考慮到最新業績,中集汽車(集團)的雙重分析師目前的共識是,2024年的收入爲294億元人民幣。這將反映其收入在過去12個月中大幅增長了17%。預計同期法定每股收益將下降35%,至0.79元人民幣。在本業績發佈之前,分析師一直預測2024年的收入爲310億元人民幣,每股收益(EPS)爲0.89元人民幣。在最近的業績公佈後,分析師似乎不那麼樂觀,他們下調了收入預期,使每股收益大幅下降。

It'll come as no surprise then, to learn that the analysts have cut their price target 6.0% to HK$7.47.

因此,得知分析師已將目標股價下調6.0%至7.47港元也就不足爲奇了。

Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. It's clear from the latest estimates that CIMC Vehicles (Group)'s rate of growth is expected to accelerate meaningfully, with the forecast 17% annualised revenue growth to the end of 2024 noticeably faster than its historical growth of 0.9% p.a. over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 11% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect CIMC Vehicles (Group) to grow faster than the wider industry.

從現在的大局來看,我們可以理解這些預測的方法之一是看看它們如何與過去的業績和行業增長預期相比較。從最新估計中可以明顯看出,中集汽車(集團)的增長率預計將大幅加速,預計到2024年底的年化收入增長率爲17%,明顯快於過去五年0.9%的歷史增長。相比之下,同行業的其他公司預計收入每年將增長11%。顯而易見,儘管增長前景比最近更加光明,但分析師也預計中集汽車(集團)的增長速度將超過整個行業。

The Bottom Line

底線

The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. They also downgraded CIMC Vehicles (Group)'s revenue estimates, but industry data suggests that it is expected to grow faster than the wider industry. Furthermore, the analysts also cut their price targets, suggesting that the latest news has led to greater pessimism about the intrinsic value of the business.

要了解的最重要的一點是,分析師下調了每股收益的預期,這表明公佈這些業績後,市場情緒明顯下降。他們還下調了中集汽車(集團)的收入預期,但行業數據表明,其增長速度預計將快於整個行業。此外,分析師還下調了目標股價,這表明最新消息加劇了人們對業務內在價值的悲觀情緒。

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have analyst estimates for CIMC Vehicles (Group) going out as far as 2025, and you can see them free on our platform here.

考慮到這一點,我們仍然認爲該業務的長期發展軌跡對於投資者來說更爲重要。根據分析師的估計,中集汽車(集團)的上市時間將持續到2025年,你可以在我們的平台上免費查看。

That said, it's still necessary to consider the ever-present spectre of investment risk. We've identified 1 warning sign with CIMC Vehicles (Group) , and understanding it should be part of your investment process.

儘管如此,仍然有必要考慮永遠存在的投資風險陰影。我們已經向中集汽車(集團)確定了1個警告標誌,我們知道這應該是您投資過程的一部分。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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