中金:上調中升控股(0881.HK)目標價至46.2港元
中金公司發表研究報告表示,中升控股(0881.HK)新車及售後業務恢復情況勝預期,上調該公司2020年度盈利預測3.9%至52億、2021年盈利預測5.3%至64.5億元人民幣,目標價亦提高12%至46.2港元。
報告指出,中升3月以來恢復趨勢良好,低經營槓桿下疫情影響較小,上半年仍有望實現利潤同比增長,主力品牌銷售恢復較快,且因疫情期間供給量短缺帶來折扣收窄,新車毛利率目前高於疫情前水平。
報告説,中升二手車業務有望從完全賺取佣金的經紀模式逐步轉變為主營業務的經銷模式,預計今年5-12月二手車收入增量為20.8億元人民幣,公司今年將進一步細化售後激勵措施,預計將幫助售後業務加快恢復,售後業務是公司盈利成長主要驅動之一,今年受疫情影響,增速或有放緩。

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