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Citi has given YONGDA AUTO a "Buy" rating, with the Target Price adjusted to 2.82 Hong Kong dollars.
Citibank released a research report stating that the Target Price for YONGDA AUTO (03669) has been lowered from 2.98 HKD to 2.82 HKD, with a rating of "Buy." Given that the gross margin of new car sales for YONGDA AUTO in the second half of last year was below expectations, coupled with weak used car sales, the bank has revised its Net income forecasts for 2024 to 2026 down to 0.205 billion, 0.645 billion, and 0.818 billion yuan, respectively, with the gross margin forecast also revised down from 8.7%, 9.2%, and 9.6% to 8.5%, 9.1%, and 9.5%. The bank expects that YONGDA AUTO's new car sales in the fourth quarter of last year grew by 30% quarter-on-quarter.
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