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大和:上調中升控股(0881.HK)評級至買入 目標價80港元
格隆匯 08-10 13:30

大和發表研究報吿指,中升控股(0881.HK)昨日發表中期業績,受穩固的銷售量增長及利潤有所改善,上半年盈利按年升61%至37億元人民幣,預期Benz的車款管線將在收購仁孚中國將顯得鞏固,將評級由優於大市上調至買入,維持目標價80港元。

該行表示,公司上半年錄得豪華汽車銷售按年升40%,新車銷售毛利率亦有所改善,由去年上半年的3%,升至3.8%,而收入結構改善,使公司的平均售價增長達至歷史新高,亦指二手車業務的交易量亦有所提升。

該行指,上調今年新車銷售量預測至64.7萬輛,按年增長29%,而豪華汽車銷售量將按年增40%,而中至高端汽車銷售量將按年升16%,預期今年的二手車交易量將按年升40%至17.1萬輛。

該行料,大部分新購入的新店將於今年第三至第四季進行整合,而明年這些新店將在新車銷售方面為公司貢獻穩定的增長,該行將中升2021年至2022年收入及純利預測分別上調6%及1%,並上調今年售後服務收入至按年增長30%。

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