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大摩:预期今年经销商新车利润率将维持在较低水平 首选中升控股
大摩发表中国汽车经销商报告指,由于豪华内燃汽车折扣扩大,中国汽车经销商的新车利润率去年创下历史新低。展望未来,由于中国市场消费者持续偏好中国电动车多于全球内燃机车市场,该行预期今年经销商新车利润率将维持在较低水平。对美国进口汽车征收关税的建议可能会使中国消费者更难负担高级车型,如奔驰 GLE/GLS 和宝马 X4/6/7。该行指,相较于美东汽车和永达汽车,更看好中升控股,相信其最坏的时刻已经过去。尽管今年豪华内燃汽车需求仍然疲弱,但来自爱通新车销售的利润和汽车维修服务单位的稳定增长可帮助中升今年盈利自去年谷底回升。至于美通和永达的售后服务成长停滞不前,可能使其更易受具周期性新车业务的影响。该行对中升目标价由 17 港元降至 15 港元,评级 “增持”;永达目标价由 2.5 港元降至 2.4 港元,美东目标价则由 2.1 港元升至 2.2 港元,评级均为 “与大市同步”。



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大摩:预期今年经销商新车利润率将维持在较低水平 首选中升控股
大摩发表中国汽车经销商报告指,由于豪华内燃汽车折扣扩大,中国汽车经销商的新车利润率去年创下历史新低。展望未来,由于中国市场消费者持续偏好中国电动车多于全球内燃机车市场,该行预期今年经销商新车利润率将维持在较低水平。对美国进口汽车征收关税的建议可能会使中国消费者更难负担高级车型,如奔驰 GLE/GLS 和宝马 X4/6/7。该行指,相较于美东汽车和永达汽车,更看好中升控股,相信其最坏的时刻已经过去。尽管今年豪华内燃汽车需求仍然疲弱,但来自爱通新车销售的利润和汽车维修服务单位的稳定增长可帮助中升今年盈利自去年谷底回升。至于美通和永达的售后服务成长停滞不前,可能使其更易受具周期性新车业务的影响。该行对中升目标价由 17 港元降至 15 港元,评级 “增持”;永达目标价由 2.5 港元降至 2.4 港元,美东目标价则由 2.1 港元升至 2.2 港元,评级均为 “与大市同步”。

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Among the actives, Ascendas REIT sank 0.64 percent, while CapitaLand Integrated Commercial Trust plummeted 1.42 percent, City Developments plunged 1.12 percent, Dairy Farm International tumbled 0.86 percent, DBS Group skidded 0.68 percent, Genting Singapore retreated 0.67 percent, Hongkong Land climbed 1.30 percent, Mapletree Commercial Trust lost 0.47 percent, Mapletree Logistics Trust tanked 0.95 percent, Oversea-Chinese Banking Corporation dropped 0.61 percent, SATS rose 0.24 percent, SembCorp Industries shed 0.54 percent, Singapore Airlines surrendered 0.79 percent, Singapore Exchange slid 0.30 percent, Singapore Press Holdings declined 1.03 percent, Singapore Technologies Engineering dipped 0.26 percent, SingTel advanced 0.81 percent, United Overseas Bank fell 0.39 percent, Wilmar International eased 0.24 percent, Yangzijiang Shipbuilding jumped 1.42 percent and Keppel Corp, Thai Beverage, CapitaLand and Comfort DelGro were unchanged.

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