《大行報告》大和降中升(00881.HK)評級至「持有」 削目標價至16元
大和日前與中升控股(00881.HK)進行非交易路演,該行估計中升去年下半年至今年,新車銷售毛利率進一步削弱,中升將會更加倚賴售後服務及二手車銷售,長遠並非壞事,但去年盈利可能未達預期,將其目標價由53元大削至16元,評級由「買入」降至「持有」。
基於該行與管理層的討論,預期中升去年新車銷售量50萬輛,按年大致持平,毛利率0.6%至0.7%,反映去年下半年毛利率只有0.2%,低於之前預期,展望今年新車銷售持平,毛利率約0.7%。未來幾年傳統高端品牌增長緩慢,主要因為市場轉往智能汽車技術。
大和將中升去年新車收入預測下調2%,去年至2025年售後收入預測下調15%至32%,但二手車收入預測則上調2%至14%。
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