SMM News: China International Capital Corporation pointed out that by the car market impact, it takes time to digest the negative pressure on profits. The sixth switch disrupts the sales plan, and the fifth inventory is gradually controlled. The product portfolio is continuously updated and the structure is expected to move up. Taking into account the industry factors will have a greater impact on the company's sales and profitability, the company 19, 20 years profit forecast 9 per cent and 7.6 per cent to 10.83 billion yuan and 11.76 billion yuan. At present, the company's share price corresponds to 9.9x/9.1x 2019e/2020e P / E, maintains the company's outperform industry rating, and takes into account the adjustment of the profit forecast, the company's target price is reduced by 9% to HK $15.3, corresponding to 11.4x/10.5x 2019e/2020e P / E, there is 16.3% upward space from the current price.
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