Meidong Auto (01268) fell more than 5% and as of press time, it fell 5.83% to HKD 1.94 with a turnover of 5.3542 million Hong Kong dollars.
According to the Wise News Finance APP, Meidong Auto (01268) fell more than 5% and as of press time, it fell 5.83% to HKD 1.94 with a turnover of 5.3542 million Hong Kong dollars.
On the news front, Porsche lowered its full-year revenue guidance, expecting full-year revenue in 2024 to be between 39 billion euros and 40 billion euros, lower than the previous expectation of 40 billion euros to 42 billion euros. In addition, Porsche expects this year's return on sales to be between 14% and 15%, lower than the previous 15% to 17%. Porsche also stated that the time required for the transition to electric vehicles is expected to be longer than originally anticipated, and the company is de-emphasizing its goal of electric vehicle sales by 2030.
According to a recent research report released by CMB International, it is expected that Meidong's new car gross profit margin may slightly recover due to the reduction of sales targets, although Meidong's sales volume in 2H24 is expected to continue to be weak. Taking into account the possibility that foreign car companies may reduce their sales targets, CMB International expects that Meidong's new car gross profit margin in 2025 is expected to increase by 1.2 percentage points year-on-year to -2%. In addition, after considering the impact of convertible bond interest expenses and provision for income taxes, CMB International expects that the company's relevant expenses in 2025 will decrease by RMB 0.13 billion year-on-year. As a result, CMB International expects Meidong's net income in 2025 to increase by more than 100% year-on-year to RMB 0.36 billion.