银河证券指出，当前新能源汽车国产化+高端化趋势已成型，以问界为代表的华为系汽车销售放量，为国内汽车经销行业转型带来机遇。我们认为当前汽车经销板块仍具备较大预期差，核心逻辑在于商业模式从传统油车经销转向电车分销后，经销商的三张报表将有显著改善，目前国内汽车经销龙头中升控股、永达汽车仍处历史估值底部区间，伴随2025年AITO、鸿蒙智行门店投运放量，业绩有望实现反转。Car Dealers continue to decline, as of the time of this report, YONGDA AUTO (03669) fell 11.48%, trading at HKD 2.39; ZHENGTONGAUTO (01728) fell 8%, trading at HKD 0.069; ZHONGSHENG HLDG (00881) fell 3.6%, trading at HKD 12.84; MEIDONG AUTO (01268) fell 2.84%, trading at HKD 2.05.
According to Zhito Finance APP, Car Dealers continue to decline. As of the press release, YONGDA AUTO (03669) fell 11.48% to HKD 2.39; ZHENGTONGAUTO (01728) fell 8% to HKD 0.069; ZHONGSHENG HLDG (00881) fell 3.6% to HKD 12.84; MEIDONG AUTO (01268) fell 2.84% to HKD 2.05.
In terms of news, it has been reported that multiple offline Porsche stores in China have suddenly closed, involving Inner Mongolia ERDOS Resources, Yiwu, Tangshan, Zhengzhou, and other places. This move is the first major adjustment measure taken by Porsche China's President and CEO, Pan Lichi, since taking office. Pan Lichi stated that Porsche China's plan is to reduce the number of Dealers to around 100 by December 31, 2026, which is equivalent to one-third of the existing channels.
Galaxy Securities pointed out that the current trend of domestic New energy Fund + high-end vehicles has taken shape, and the sales surge of Huawei's automotive products, represented by the Aito, presents opportunities for the domestic auto retail industry transformation. We believe that the current auto retail Sector still has significant expectation gaps. The core logic lies in the significant improvement of Dealers' three financial statements after the business model shifts from traditional fuel vehicle distribution to electric vehicle distribution. Currently, leading domestic auto retailers ZHONGSHENG HLDG and YONGDA AUTO remain at historic valuation bottom ranges. With the operational launch of AITO and Hongmeng Smart Travel stores in 2025, performance is expected to turn around.
