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野村中升(0881.HK)业绩稍胜预期上调目标价69.5%至21.7港元
格隆汇 08-12 14:06

野村发表研究报告指,中升控股(0881.HK)上半年业绩稍优于该行预期。惟该行认为利好因素已被反映,股价上行的催化因素亦不多,将公司的投资评级由“减持”上调至“中性”,目标价由12.8港元调升69.5%至21.7港元。

野村指,中升中期净利润按年升13.3%至约20亿元人民币,稍胜该行预期,主要因为售后服务业务毛利率表现较好,以及成本控制改善。该行将中升2019/2020财年的售后服务业务毛利率预测上调0.3个百分点,以及降低营业费用率预测0.2个百分点,料从而带动该期间的净利润平均上升9%。

野村又预期,中升今年将新增约20间店;加上预料新车销售增中双位数,或支持售后服务等业务前景。不过,该行认为相关的正面因素已经被消化,在欠缺新的催化因素下,料公司风险回报平衡。

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