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瑞銀:下調中升(0881.HK)目標價至22港元 評級“沽售”
格隆匯 03-23 17:40

瑞銀髮表研究報告指,中升(0881.HK)去年新車銷售升10.6%至45.57萬部,其中高端車銷售升18.4%至22.8萬部。新車銷售收入升13.9%,售後服務收入升22.9%,整體收入升15.1%,純利升23.8%,略勝預期。

該行指,去年新車銷售的利潤為2.7%,較2018年跌0.4個百分點;售後服務毛利為48.2%,跌0.5個百分點,下半年表現較差,相信主因凌志品牌維持維修業務100%由車廠給予代理商,致客户不用直接付款,而且其售後利潤亦較其他主要品牌低。凌志佔公司高端品牌銷售達20%;售後業務競爭亦開始變得激烈,因新車銷售市場開始放緩。

該行表示,公司目前的存貨約為1個月,奔馳和凌志等主要品牌在疫情發生後未見下調銷售目標。部份車廠,如寶馬撤銷了對代理首季的銷售目標,但奔馳則沒有。據奔馳母企戴姆勒的業績,去年純利跌64%,主因排放罰款,相信公司高度依賴中國市場去實現銷售目標,並擔心戴姆勒未來會降低代理的回贈。

該行降中升2020至22年盈利預期3-7%以反映售後業務利潤下降,目標價由23.2港元降至22港元,評級維持“沽售”。

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