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《大行報告》瑞銀降中升(00881.HK)目標價至32元 下調盈測反映零售折扣較預期大
瑞銀發表評級報告指,中升(00881.HK)管理層指引今年新車銷量或大致上持平、今年售後業務或呈按年低十位數(low teens)增長、以及今年二手車銷量及毛利均可望實現按年升40%以上增長。 該行表示,受惠新車型推出,料今年梅賽德斯新車利潤率復甦,長遠來看,梅賽德斯計走出高端市場,訂立主導奢侈品牌的地位。該行認為,這有助梅賽德斯減低與特斯拉(TSLA.US)及內地電動車巨頭等直接競爭,並能夠在零售層面實現更具彈性的定價。作為中國最大的梅賽德斯經銷商,該行認為中升能受惠於梅賽德斯的新策略。 該行將中升2023年至25年盈利預測下調3%至4%,以反映零售折扣較預期大,並將其目標價由35元下調至32元,維持其評級為「買入」。(ca/cy) ~
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