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研報掘金丨中金:板塊估值下移,削中升目標價29%至18港元
格隆匯 03-31 16:50
中金髮表報告指,中升控股(0881.HK)去年純利同比下跌36%至32.1億元,符合該行預期,維持“跑贏行業”評級,但由於板塊估值下移,下調目標價28.9%至18港元。報告指,受到終端折扣影響下,中金的新車銷售盈利承壓,售後業務則貢獻穩健盈利。公司建有37家華爲問界品牌門店,並基於華爲平臺拓展鴻蒙智行生態,有望補充公司豪華品牌矩陣,進一步提升公司在新能源豪華車市場份額。公司長期堅持派息,2024年派息比率進一步提升至46.7%,隨着盈利逐步改善,有望帶來更大的股東回報。中金維持中升2025年盈利預測不變,首次引入2026年淨利潤預測49.7億元。該行下調目標價至18港元,相當於今明兩年預測市盈率10.7及8倍,維持維持“跑贏行業”評級。
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