《大行报告》高盛上调中升(00881.HK)目标价32%至100元 维持「确信买入」名单内
高盛发表研究报告,指中升控股(00881.HK)正开展前所未有的的业务加速年代。透过其市场领导地位,中升旗下各核心品牌将准备推出旗舰产品及扩张网络。该行认为,中升面对多项新增长机遇,在去化率效益及成本控制方面可达至规模效益。
该行指出,目前内地豪华汽车的高端化速度远较过去为快,高盛料中升盈利增速将由今年上半年的10%加快至下年年的35%,明年增长达35%,估算高於其他券商预期。尽管中升股价本年至今累升约70%,该行相信目前公司转型计划尚未得到市场完全理解,目标价增32%,由75.7元升至100元,相当於2023年预测市盈率20倍;重申「买入」评级,并列入「确信买入」名单内。
高盛上调中升2020至2024年各年收入预测分别3%、5%、8%及10%,以反映市场环境改善,及领先品牌的进一步扩张。该行另上调中升同期各年纯利预测分别2%、5%、15%及25%,以反映收入预测改善及更佳经营杠杆,指中升的品牌组合捕捉到豪华汽车市场整合趋势,以及其在收入及成本方面可达至规模效益。
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