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《大行报告》美银美林升中升(00881.HK)目标价至31.4元 料毛利扩张快於预期
阿思达克 12-04 14:24

美银美林发表报告表示,重申对中升控股(00881.HK)「买入」评级,认为公司旗下宾驰新店扩张较预期快,加增上售後服务长强劲,而在汽车金融及保险业务方面的新产品、和策略亦有助进一步改善佣金收入,考虑到相关因素後对其2019至2021年每股盈利预测升各1%、3%及4%,调高对其目标价,由26.5元升至31.4元。

该行指出,中升现时经营23家宾驰商用车经销店,并获宾驰许可将改变大约20家乘用车经销店,由於乘用车经销店的平均销售较高,而且来自售後服务的利润亦属最高,故认为对公司的未来盈利来说是重要正面因素。该行估计未来两年旗下的宾驰乘用车经销店,将由现时的50家增至70家,此外凌志亦推出了新的RX车款,由於中升属内地凌志最大的经销商,故料可受惠新款推出。

美银美林亦指,中升正与保险公司合作销售新的保单,为保单持有人提供保险覆盖及并保养6年,该行指出在汽车出售後的首三年,客户於售後服务方面忠诚度达100%,惟保养期过後仍留下的仅80%,透过新的保险产品,即使保养期过後公司仍能维持较高的留客率,相信对其售後服务有正面作用。而在汽车金融方面,公司收取约2%的转介费,现时正在与银行整合其汽车金融业务,认为未来转介费用有望提升。 ~

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