大和:上調中升(0881.HK)目標價至54港元 中期業績勝預期
大和發表研究報告表示,中升控股(0881.HK)上半年盈利按年升10%至23億元人民幣,超出預期,主要受豪華車銷售強勁帶動,同時汽車銷售毛利率改善及平均售價增長錄得記錄新高,該行將其目標價由52.3港元上調至54港元,維持優於大市評級。
該行指,雖然上半年整體豪華車市場銷售量僅按年上升1%,但中升表現優於市場,其銷售量按年升6%至11.16萬輛,而毛利率亦上升至3%,去年同期為2.7%,當中豪華車毛利率更上升至3.7%,預期下半年汽車銷售表現仍較佳,料新車銷售毛利率可維持於3%,因豪華車需求強勁。另外,在新車銷售方面,上半年豪華車收入貢獻佔75%,帶動平均售價達25.2萬元人民幣,按年增長9%至記錄新高。
該行將中升今年豪華車銷售量增長預測由10%,上調至12%,但將中至高端汽車銷售量增長預測由5%,下調至負2%,並估計新車銷售毛利率由去年的2.7%,改善至3.1%。

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