《大行報告》美銀美林升中升(00881.HK)目標價至31.4元 料毛利擴張快於預期
美銀美林發表報告表示,重申對中升控股(00881.HK)「買入」評級,認為公司旗下賓馳新店擴張較預期快,加增上售後服務長強勁,而在汽車金融及保險業務方面的新產品、和策略亦有助進一步改善佣金收入,考慮到相關因素後對其2019至2021年每股盈利預測升各1%、3%及4%,調高對其目標價,由26.5元升至31.4元。
該行指出,中升現時經營23家賓馳商用車經銷店,並獲賓馳許可將改變大約20家乘用車經銷店,由於乘用車經銷店的平均銷售較高,而且來自售後服務的利潤亦屬最高,故認為對公司的未來盈利來說是重要正面因素。該行估計未來兩年旗下的賓馳乘用車經銷店,將由現時的50家增至70家,此外凌志亦推出了新的RX車款,由於中升屬內地凌志最大的經銷商,故料可受惠新款推出。
美銀美林亦指,中升正與保險公司合作銷售新的保單,為保單持有人提供保險覆蓋及並保養6年,該行指出在汽車出售後的首三年,客戶於售後服務方面忠誠度達100%,惟保養期過後仍留下的僅80%,透過新的保險產品,即使保養期過後公司仍能維持較高的留客率,相信對其售後服務有正面作用。而在汽車金融方面,公司收取約2%的轉介費,現時正在與銀行整合其汽車金融業務,認為未來轉介費用有望提升。 ~
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