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.
從內燃機特許經營到電動汽車代理的轉變縮小了經銷商的服務範圍，但提高了他們的淨資產收益率(ROE)。摩根士丹利預計，到2025年，直銷模式將成為電動汽車製造商的主要分銷方式。然而，電動汽車直銷模式將給大多數經銷商帶來挑戰，意味着利潤分享減少，服務機會減少，售後價值降低。美東汽車(01268.HK)維持增持，目標上調至50美元。永達汽車(03669.HK)維持增持，目標下調至17美元，正通高通(01728.HK)評級由持平下調至減持。詳細的評級和目標列在一個單獨的表格中。