惠譽予中升(00881.HK)信貸評級「BBB-」 展望穩定
評級機構惠譽發表報告,授予中升控股(00881.HK)「BBB-」的首次長期發行人違約評級,展望穩定。據該行準則,「BBB-」屬投資級別中的最低一級。
報告稱,中升的評級支持因素,包括集團專注於經營豪華和中高檔汽車品牌組合以及其他與汽車相關的產品及服務,財務管理紀錄穩健;且可能會從內地對高檔汽車不斷增長的需求中獲益。2019年,售後服務佔集團毛利潤的75%,這將有助於集團管理其業務,抵御新車銷售出現的周期性疲軟。
惠譽稱,中升財務管理相對穩健。過去三年,集團的門店網絡擴大了43%,淨增門店數量達到109家。2016年至2019年,其收購後自由現金流(FCF)總計為負值7.6億元人民幣,但由於EBITDA大幅提升了89%,且現金流生成強勁,其FFO調整後淨槓桿率自2016年的3.4倍改善至3.1倍。惠譽稱,中升2020年的去槓桿進程或受疫情影響,但預計其中期去槓桿進程將持續。
報告預計,受政府為遏制新冠疫情蔓延而採取的「封鎖」及社交距離措施的影響,中升的銷售額有所下降。惠譽預計,2020年內地乘用車銷量將下降約10%,直至2021年才會復蘇。儘管如此,行業數據顯示,內地5月乘用車銷量按年增1.8%,特別是高檔車和日系大眾品牌車的表現優於大市。
惠譽表示,內地汽車經銷行業高度碎片化且競爭激烈。中升是內地第二大汽車經銷商,但按銷量計算,其市場份額僅為2%。由於與供應商的議價能力較弱,行業利潤率處於歷史低位。內地汽車經銷商的EBITDA利潤率一般在中個位數左右,與美國同業相當。惠譽預計,中期內該行業的低利潤率趨勢將得到持續。
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