瑞银发布研究报告称，在有关战略公布后股价累升约40%或增加120亿元市值，相信市场对AITO门店给予过高估值。该行指出，即使计入AITO门店的贡献，不预期中升盈利显著反弹，基于德国三大车企奥迪、宝马及奔驰的零售折扣于上月升至历史高位，传统高端品牌在中国的吸引力下降，受中国品牌竞争力提升及奔驰及凌志车款老化影响。此外，新能源车亦长期影响中国汽车售后市场，该行研究指代理商及独立售后服务商受影响，主要基于内燃车辆使用里程下降。该行料中升售后服务在今年及往后收入增长为单位数。Zhongsheng Hldg (00881) is currently down more than 6%, as of the press release, down 4.47%, at HK$16.24, with a turnover of 66.7005 million Hong Kong dollars.
According to the Futu Securities app, Zhongsheng Hldg (00881) is currently down more than 6%, as of the press release, down 4.47%, at HK$16.24, with a turnover of 66.7005 million Hong Kong dollars.
On the news front, Zhongsheng recently signed a strategic cooperation agreement with Chongqing Sokon, aiming to operate Huawei AITO specialty stores under an authorized distribution model, starting operation in January next year. Management guided that AITO automotive commission rate is 4.5%, the company will also provide related after-sales, automotive financial, and insurance services.
UBS Group released a research report stating that after the strategic announcement, the stock price rose by about 40% or increased by 12 billion yuan in market capitalization. The bank believes that the market has overvalued the AITO stores. Even with the contribution of the AITO stores, it is not expected that Zhongsheng's profitability will rebound significantly. Retail discounts on the top three German car brands Audi, BMW, and Mercedes-Benz hit historical highs last month, reducing the appeal of traditional luxury brands in China due to increased competitiveness of Chinese brands and the impact of aging models from Mercedes-Benz and Lexus. In addition, electric vehicles also have a long-term impact on the Chinese automotive aftermarket market, with dealers and independent aftermarket service providers affected, primarily based on the decrease in mileage of internal combustion vehicles. The bank expects Zhongsheng's after-sales service revenue growth to be in single digits this year and beyond.
