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《大行报告》瑞银下调中升(00881.HK)目标价至22元 评级「沽售」
阿思达克 03-23 10:58
瑞银发表研究报告指,中升(00881.HK)去年新车销售升10.6%至45.57万部,其中高端车销售升18.4%至22.8万部。新车销售收入升13.9%,售後服务收入升22.9%,整体收入升15.1%,纯利升23.8%,略胜预期。

该行指,去年新车销售的利润为2.7%,较2018年跌0.4个百分点;售後服务毛利为48.2%,跌0.5个百分点,下半年表现较差,相信主因凌志品牌维持维修业务100%由车厂给予代理商,致客户不用直接付款,而且其售後利润亦较其他主要品牌低。凌志占公司高端品牌销售达20%;售後业务竞争亦开始变得激烈,因新车销售市场开始放缓。

该行表示,公司目前的存货约为1个月,奔驰和凌志等主要品牌在疫情发生後未见下调销售目标。部份车厂,如宝马撤销了对代理首季的销售目标,但奔驰则没有。据奔驰母企戴姆勒的业绩,去年纯利跌64%,主因排放罚款,相信公司高度依赖中国市场去实现销售目标,并担心戴姆勒未来会降低代理的回赠。

该行降中升2020至22年盈利预期3-7%以反映售後业务利润下降,目标价由23.2元降至22元,评级维持「沽售」。

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