大行評級|瑞銀:上調中升目標價至9.4港元 相信市場對AITO門店給予過高估值
瑞銀髮表報吿,指中升控股簽署戰略合作協議,目標在授權分銷模式下營運華為AITO問界專門店,目標在明年1月開始營運。管理層指引問界汽車佣金率為4.5%,公司亦將提供相關售後、汽車金融及保險服務。報吿指,即使計入AITO門店的貢獻,不預期中升盈利顯著反彈,基於德國三大車企奧迪、寶馬及平治的零售折扣於上月升至歷史高位,傳統高端品牌在中國的吸引力下降,受中國品牌競爭力提升及平治及凌志車款老化影響。此外,新能源車亦長期影響中國汽車售後市場,該行研究指代理商及獨立售後服務商受影響,主要基於內燃車輛使用里程下降。該行料中升售後服務在今年及往後收入增長為單位數。該行給予AITO每門店估值為2025年預測市盈率15倍,高於中升傳統的12倍市盈率,40間AITO門店代表64億元市值。中升在有關戰略公佈後股價累升約40%或增加120億元市值,該行相信市場對AITO門店給予過高估值。該行上調對中升目標價,由8.2港元升至9.4港元,維持“沽售”評級。
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