智通财经APP获悉，中升控股(00881)跌超4%，截至发稿，跌4.4%，报10.88港元，成交额7125.39万港元。
华泰证券发布研报指出，中升控股2024年营收和净利为1681亿及32亿元，按年跌6%及36%。其中，2024年下半年营收及净利各为857亿及16亿元，按年跌12%/19%。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复。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，该行下调中升2025-2026年净利预测31%及19%，各至39.4亿及49.4亿元。
惠誉评级认为，中国新车市场的竞争依然激烈。该行预计2025年中国新车零售销量将增长约3%，其主要驱动因素是逾20%的电动汽车销量增长；预计中升的维修保养、保修和事故车售后服务的毛利将保持稳定增长，从而支撑其EBITDAR的恢复。如果该公司净资本支出合理且营运资本管理稳健，这可能足以将其2025年的EBITDAR净杠杆率降至2.5倍以下。
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