《大行報告》瑞信上調中升(00881.HK)目標價至92元 評級「跑贏大市」
瑞信指中升(00881.HK)去年純利增50%至83億元人民幣,下半年純利增43%,業績勝預期,尤其豪華品牌新車型的毛利率按年升2.5個百分點,高於預期,為過去10年最高水平,帶來驚喜。
瑞信稱,由於半導體供應短缺,去年下半年豪華品牌新車收入按年下降6%,新車毛利有所增長主要是由於供應緊張,降低售價折扣所致。
該行認為,2021年第四季芯片供應好轉,平治零售價折扣從去年10 月開始增加,中升作為中國第二大平治品牌經銷商,料中升新車利潤率或會下降,將其目標價由91元調高至92元,評級「跑贏大市」。(me/u)
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