大行評級|招商證券國際:下調中升控股目標價至24港元 預計今年售後業務韌性強
招商證券國際報吿指,中升控股仍是中國汽車售後市場最具競爭力公司,基於其具備大規模整合售後市場潛力,在新車業務調整期有機會取得更多弱勢品牌市場份額,以及積極調整品牌結搆與新勢力協同發展。該行料中升今年售後業務韌性強,支持業績穩健增長,但短期豪華品牌競爭仍激烈,影響新車毛利率。該行下調對該股今明兩年利潤預測8%,對該股目標價由30港元降至24港元,目標預測市盈率由15倍降至12.8倍,反映雖然新車盈利能力接近觸底,但大幅回升時間較此前預期更長,維持“買入”評級。
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