The Zhitong Finance App learned that Brilliance China (01114) fell nearly 6% in the afternoon. As of press release, it was down 4.85% to HK$2.355, with a turnover of HK$135 million.

According to the news, Brilliance China announced interim results, with revenue of 676 million yuan, up 20.3% year on year; net profit of 779 million yuan, down 54.3% year on year; profit per share of 15.43 points. The company announced an interim interest rate of HK$0.5 and HK$0.8 for the same period last year.

Citi released a research report stating that Brilliance China's rating was lowered to “neutral” and the target price was lowered to HK$2.55. This is mainly due to: BMW's Neue Klasse iX3 sales visibility is low, because final pricing and delayed delivery may give competitors an opportunity to seize orders within a two-month vacuum period; currently, fuel vehicle sales account for a relatively high share, making BMW Brilliance face sales pressure from the second half of this year to next year. However, the bank also believes that the company's mid-term dividend is reasonable; it is expected that BMW Brilliance's net profit margin will remain resilient, and that cost reduction and rising export share will support future dividend payments.

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