《大行報告》高盛升中升(00881.HK)目標價至110元 續列確信買入名單
中升(00881.HK)上星期五公布完成收購仁孚中國,高盛將中升(00881.HK)目標價由100元上調至110元,續列確信買入名單。
高盛估計,仁孚中國佔平治(Mercedes-Benz)去年在國內銷售的市場分額6%,中升則有12%,該行以目前兩者的銷售增長計算,預計未來數年兩者合共銷售量佔市場20%。
高盛上調中升下半年淨利潤預測2%,並上調2021-23年淨利潤預測1%、7%及8%,不過由於晶片短缺影響新車銷售,將今年下半年收入預測下調5%。在生產鏈出現問題的情況下,因中升擁有新車庫存具優勢,客戶願意支付溢價購買,因此可推動新車毛利率。
該行預計,中升收購仁孚中國,將令仁孚中國總部成本下降,如將ERP軟件遷移到中升專有系統,及融資成本下跌,預計將在未來18個月實現顯著的成本節省。
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