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Hong Kong stocks fluctuate | Meidong Auto (01268) is now down more than 5%. Porsche lowers its full-year revenue expectations. Institutions say the company's gross margin may slightly recover.
Meidong auto (01268) fell more than 5% and as of press time, fell 5.83% to HKD 1.94, with a turnover of 5.3542 million HKD.
CMB International: maintains a buy rating for Meidong Auto (01268) with a target price lowered to 3.0 Hong Kong dollars.
Zhaojin International expects the gross margin of new cars in the first half of 2024 in the US East to fall to -3.7% (Porsche: -4%, BMW: -7%, Lexus: -2%), the lowest in history.
Maintaining a Buy: Positive Outlook and Profitability Amid Challenges for China MeiDong Auto Holdings
[Brokerage Focus] CMB International cuts Meidong Auto (01268) target price by 25%, expecting a year-on-year decline of 8% in new car sales in the first half of the year.
Jingu Wealth News | CMB International has released research reports predicting that Meidong Auto (01268) new car sales in 1H24 will decrease by 8% year-on-year to 29,200 units (Porsche: 4,500 Unit, BMW: 11,500 units). Despite Porsche's 1H24 sales volume in the Chinese market declining by 39% year-on-year, the bank expects Meidong's share in Porsche's China market to increase from 16% in 2H23 to 17% in 1H24. The bank predicts that the average selling price of new cars in Meidong 1H24 will decrease by 13% year-on-year, mainly due to an increase in terminal discounts. Although the number of after-sales service times may decrease in the first half of the year, the bank predicts that Meidong's sales will continue to grow.
Auto retailers in general are doing well. Zhongsheng Hldg (00881) has risen 5.25%. In June, the inventory level of auto retailers was below the warning line.
Jingu Wealth News | Auto retailers are performing well overall, with Grand Baoxin (01293) up 11.25%, Zhongsheng Holdings (00881) up 5.25%, Meidong Auto (01268) up 4.95%, Yongda Auto (03669) up 2.47%, and Harmony Auto (03836) up 2.15%. On July 10th, the China Automobile Dealers Association released the "Auto Retailer Inventory" survey results for June 2024. The comprehensive inventory coefficient of automobile dealers in June was 1.40, a 2.8% decrease from the previous month and a 3.7% increase compared to the same period last year. Inventory levels were below the warning line. Dealers are upset.
China MeiDong Auto Holdings Repurchases Bonds to Cancel
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