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《大行報告》瑞銀下調中升(00881.HK)目標價至80元 評級「買入」
阿思達克 01-13 09:36
瑞銀發表報告指,中升控股(00881.HK)參加了該行舉行的大中華會議,管理層透露去年第四季經營情況,其中新車銷量按季上升17%;新車銷售毛利維持穩定;售後收入按年增長20%;及二手車銷量達4萬輛,當中60%為高檔車。 該行引述中升稱,今年平治/凌志在中國的銷量目標均為按年增長10%以上,而豐田目標為按年升逾20%。另外,管理層表示公司今年目標為高檔車銷量按年增長25%;隨著晶片短缺舒緩和平治對經銷商回扣的調整,新車毛利回復至正常水平;售後業務今年的收入增長水平高於去年;及二手車銷售的毛利率提高。 瑞銀調低中升今明兩年盈利預測3%,以反映平治調整經銷商回扣,目標價相應由88元降至80元,評級維持「買入」。
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