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《大行報告》招商證券下調中升(00881.HK)目標價至37元 評級「增持」
招商證券發表報告指,中升(00881.HK)上半年業績受到新車利潤率影響,惟售後業務仍具韌性,二手車單車營收逆勢增長。目前中升平台化戰略現雛形,業務重心逐漸向售後服務或二手車業務遷移。考慮到公司進入戰略調整期,分別下調2023年至2025年淨利潤預測18%、19%、20%,目標價相應由56元下調至37元,評級「增持」。 報告指,中升去年開始執行平台戰略,上半年已初見成效。上半年重點加強全渠道客戶關係管理,實現售後業務入場台次按年提升11.7%。保養、保修及鈑噴毛利貢獻佔比顯著提升。4月推出中升GO微信小程序,目前已累計180萬會員,其中54%為付費會員,大幅提升消費者粘性。 另外,報告指,中升今年6月二手車單月銷量達1.5萬台,較年初實現翻倍增長,且單車利潤從6,000元提升至8,000元人民幣。預計下半年公司二手車業務將迎來量價齊升式增長,驅動整體盈利能力提升。長遠來看,公司二手車業務將持續搶佔本地經銷商及個體代理商份額,目標達成與新車相同銷售規模。
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