M Stanley: EV Direct Sales Model Brings Challenge to Car Dealers; Upbeat on Meidong, Yongda; Downgrades Zhengtong to UW
M Stanley: EV Direct Sales Model Brings Challenge to Car Dealers; Upbeat on Meidong, Yongda; Downgrades Zhengtong to UW
Transition from internal combustion engine franchise to EV agency has shrunk dealers' service scope but enhanced their ROE. Morgan Stanley expected direct sales model to be EV makers' major distribution method by 2025.
However, the EV direct sales model will bring challenges to most of the dealers, implying less profit sharing, less service opportunities and lower after-sales value.
MEIDONG AUTO (01268.HK) was kept at Overweight, with target lifted to $50. YONGDA AUTO (03669.HK) was kept at Overweight, with target cut to $17. ZHENGTONGAUTO (01728.HK) was downgraded from Equalweight to Underweight. The detailed ratings and targets were listed in a separate table.
从内燃机特许经营到电动汽车代理的转变缩小了经销商的服务范围，但提高了他们的净资产收益率(ROE)。摩根士丹利预计，到2025年，直销模式将成为电动汽车制造商的主要分销方式。然而，电动汽车直销模式将给大多数经销商带来挑战，意味着利润分享减少，服务机会减少，售后价值降低。美东汽车(01268.HK)维持增持，目标上调至50美元。永达汽车(03669.HK)维持增持，目标下调至17美元，正通高通(01728.HK)评级由持平下调至减持。详细的评级和目标列在一个单独的表格中。