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《大行報告》瑞銀下調中升(00881.HK)目標價至29元 評級「沽售」
阿思達克 12-02 10:07
瑞銀髮表報告,相信中升(00881.HK)的新車毛利率已於去年見頂,估值亦然,同時不認同市場認爲集團明年的高檔車銷售會有雙位數增長。 該行提到,共同富裕及新能源汽車對傳統高檔OEM(代工生產)造成威脅,將對汽車經銷商產生長期影響,估計在當前的宏觀環境下,經銷商行業的估值將繼續向下重評。雖然認同中升管理層歷來展現的執行力,但瑞銀認爲行業目前面對的挑戰太大,任何一間公司都無法應對。 瑞銀下調中升今年至2024年盈利預測調低5%至6%,料其今明兩年新車毛利率分別爲2.3%及2.4%,較去年的4.4%爲低。目標價由33元降至29元,評級維持「沽售」。
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