《大行報告》中金降中升(00881.HK)目標價至18.5元 料去年少賺29.1%
中金發表報告指,考慮到去年下半年新車價格承壓,預計經銷商新車業務營業收入和毛利率均出現按季下滑,拖累全年盈利水平,同時由於2023年日系品牌如豐田、日產銷量按年下滑明顯,預測中升(00881.HK)2023年淨利潤按年下滑29.1%至47.3億元人民幣。
由於新車業務承壓,中金下調中升2023和2024年淨利潤26.6%/28.3%至47.29億元/51.73億元人民幣,首次引入 2025年淨利潤59.51億元人民幣。當前股價對應2024/2025年5.8倍/4.9倍市盈率。維持「跑贏行業」評級,但由於經銷商板塊估值下修,下調目標價40.3%至18.5港元,對應7.4倍/6.3倍2024年/2025年市盈率,較當前股價有28.7%的上行空間。
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