华泰证券发表报告指，中升控股(00881.HK) 2024年营收和净利为1,681亿及32亿人民币(下同)，按年跌6%及36%。其中，2024年下半年营收及净利各为857亿及16亿，按年跌12%/19%。年报业绩基本符合市场预盈利31.6亿元。
该行指，去年市场价格竞争加剧，经销商行业普遍承压。但认为今年公司积极拥抱新能源车企，与赛力斯合作深化是差异化竞争优势，店效提升下行业龙头业绩或迎修覆，维持“买入”评级。鉴于传统中高端及豪华车品牌或仍将面临份额下滑及价格竞争风险，下调中升2025-2026年净利预测31%及19%，各至 39.4亿及49.4亿元，预计公司2027年净利润为58.3亿元。
华泰证券将中升目标价由20.4元降至17.07元。维持“买入”评级。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-07 16:25。)
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