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《大行报告》瑞银上调中升(00881.HK)目标价至72元 评级「买入」
阿思达克 03-22 10:43
瑞银发表研究报告,指中升(00881.HK)去年新车销售增长9.9%,其中高端车销售增20.8%,致新车收入增18.2%,售後增13.5%。二手车销售录26亿元人民币收入。去年收入升19.6%,纯利升23.1%,符预期。目标价由68元升至72元,以反映对今明两年盈利调升1-2%,维持「买入」评级。

该行指,去年下半年新车销售毛利率按半年跌0.1个百分点,但按年升0.1个百分点。售後毛利率为47.8%,按半年及按年分别升1.3及0.3个百分点。公司库存量为23.3日,跌7.5日,是过去5年的最低位。公司持续推广其延长保养计划,令其在新车保用方面的市占率达50%。

该行表示,管理层预期今年大众品牌的新车录高单位数增长,高端车品牌录20%以上增长。售後毛利可维持现有水平,二手车销售预期增40%,同时会寻求纯电动车合作伙伴。

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