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《大行報告》摩通下調中升(00881.HK)目標價至26元 評級「中性」
阿思達克 08-25 09:54
摩根大通發表研究報告指,中升控股(00881.HK)上半年業績符合該行預期,但略低於市場預測,可能是由於定價環境仍然充滿挑戰,令期內新車銷售利潤率大幅下降。 該行指,管理層在業績電話會議上強調未來將重點關注盈利能力和利潤增長的可持續性,計劃加強發展全國銷售、維修及售後服務一體化業務模式,並通過多元化採購及提升交易效率去推動二手車業務發展,在新車銷售業務會挑選更具競爭力的品牌,以捕捉行業快速電動化及智能化的機遇。 摩通相信中升將繼續成為中國汽車經銷商行業有力競爭者,但由於在當前市場環境下新車銷售利潤率或整體盈利能力預期不會出現顯著改善,相信股價可能會橫行調整,維持盈利預測及「中性」評級不變,目標價從28元降至26元。
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