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Hong Kong stocks are moving | Car dealers are rising sharply, grand baoxin (01293) is currently up nearly 85%. Luxury car dealers are collectively transforming into new energy fund.
Auto retailers experienced significant gains; as of the time of this report, grand baoxin (01293) rose by 84.78%, priced at 0.255 HKD; meidong auto (01268) increased by 10.22%, priced at 2.48 HKD; yongda auto (03669) climbed by 5%, priced at 2.31 HKD; zhongsheng hldg (00881) grew by 1.86%, priced at 17.5 HKD.
China Yongda Automobiles Services Holdings Limited's (HKG:3669) Market Cap Rose HK$415m Last Week; Individual Investors Who Hold 36% Profited and so Did Insiders
HK stocks fluctuate | Car dealers/auto retailers see larger afternoon decline, industry experiences widespread losses, UBS Group points out that the market has overvalued the Zhongsheng AITO stores.
The car dealers expanded their declines in the afternoon. As of the time of publication, meidong auto (01268) dropped 6.11% to 2.15 HKD; zhongsheng hldg (00881) fell 3.74% to 15.96 HKD; yongda auto (03669) decreased by 1.55% to 1.9 HKD.
Auto retailers Pusu Yongda Auto (03669) rose by 10.64%, with institutions expecting sustained increase in year-end car purchase demand.
Jinwu Financial News | Car dealers/auto retailers generally rise, yongda auto (03669) increases by 10.64%, meidong auto (01268) rises by 5.13%, harmony auto (03836) rises by 2.82%, zhengtongauto (01728) rises by 2.5%, zhongsheng hldg (00881) increases by 2.31%. Senior economist Xu Changming from the National Information Center stated today at the 2024 Automotive Finance Industry Summit that the domestic wholesale sales volume of passenger vehicles is expected to be 23 million units for the whole year, a year-on-year increase of 2.7%, and terminal sales are expected to reach about 23.5 million units, a year-on-year increase of 6-7%, for the entire year new.
yongda auto (03669.HK) spent 1.81 million Hong Kong dollars on repurchasing 0.963 million shares on November 14th.
Gelonghui reported on November 14 that yongda auto (03669.HK) announced that on November 14, it spent 1.81 million Hong Kong dollars to repurchase 0.963 million shares.
JPMorgan upgraded yongda auto's rating to 'Neutral' and raised the target price to 1.9 Hong Kong dollars.
A jpmorgan research report indicates that the management of yongda auto explained the measures for new energy electric vehicles, especially the deepened collaboration with Huawei on HarmonyOS Intelligent Driving (HIMA) and further expansion of the distribution network for Huawei-related products next year. The bank expects the gross margin for new car sales related to Huawei products to reach 4% to 4.5%, raising the company's profit forecast for 2025 to 2026 by 18% to 20% to reflect fundamental improvements, and upgrading the shareholding rating from "reduce" to "neutral," with the target price raised from 1.1 HKD to 1.9 HKD. The bank welcomes the cooperation between the company and Huawei, believing it will help enhance.
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