金吾财讯 | 开源证券发研指，中升控股(00881)经销品牌较为集中，同时追求在品牌的销量话语权，2024H1中升集团在国内奔驰、雷克萨斯的销量市占率分别为18%、32%。受国内新车价格战影响，公司2024H1新车毛利率为-3.3%，首次亏损，考虑新车销售带来的交叉业务毛利，2024H1单台新车综合毛利为4700元，问界品牌的授权将对现有新车业务注入销量和盈利的双增长。该行指，集团层面统筹，中心化运营提升业务效率，2024H1公司售后和二手车业务分别同比提升9.3%、61.6%。2024H1公司共运营35家维修服务中心，突破4S店单一授权品牌的限制，可为保险公司和用户提供更具性价比的高品质维修钣喷业务。此外维修中心还可以将非中升购车的用户导入中升体系，并为集团二手车业务提供代步车等优秀车源。该行表示，预计公司2024-2026年营业收入分别为1794.76/1841.02/1807.36亿元，归母净利润为25.45/31.64/49.40亿元，对应当前股价PE为11.0、8.9、5.7倍，对应当前股价的2026年PEG为0.1，公司2026年PE与PEG均低于可比公司估值平均，首次覆盖，给予“买入”评级。
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