haitong sec: Initial rating for zhongsheng hldg is "outperform the market", with a fair value of 22.34-25.54 Hong Kong dollars.
haitong sec released a research report stating that it has initiated coverage on zhongsheng hldg (00881), with an "outperform" rating, expecting the company's revenue in 2024/25/26 to be 169.9/191.7/218.5 billion yuan respectively, net income attributable to shareholders to be 3.5/5.1/6.7 billion yuan respectively, and EPS to be 1.45/2.13/2.79 yuan respectively. The reasonable price range is 22.34-25.54 Hong Kong dollars. Key points from haitong sec include: Zhongsheng Holding is a leading enterprise among car dealers in China. According to the company's 2024 interim report, Zhongsheng has 419 dealerships nationwide, with luxury brands.
Xiaomi's auto performance exceeded expectations across the board: revenue approaching 10 billion, annual delivery target refreshed to 0.13 million.
"Xiaomi delivers its strongest performance ever." Following the release of Xiaomi's third quarter 2024 business results, Xiaomi's founder, director, and CEO Lei Jun could hardly contain his excitement, saying so on Weibo. Looking at the various data, Xiaomi's revenue has been surging for three consecutive quarters, with adjusted net income maintaining historical highs, and all of its businesses thriving. Behind this success is the comprehensive effort of Xiaomi's "all aspects of life eco-system". This quarter, Xiaomi's autos are becoming a significant driver of growth for Xiaomi Group. Monthly deliveries have exceeded 0.02 million vehicles, revenue is approaching tens of billions, and the gross margin has also surpassed the performance of many new energy vehicle companies.
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Only 2% of the real orders of the internet celebrity magic car, Musk really doesn't care.
Tesla Cybertruck has been recalled again, this is the fifth time this year. As the launch approaches one year, the hype of this internet sensation car is gradually fading, with actual orders being only 2% of the previous reservation quantity. However, Elon Musk, who is at the peak of his life, doesn't care at all. Within one year, the National Highway Traffic Safety Administration (NHTSA) announced last Wednesday that Tesla will recall 2,400 Cybertrucks starting from December 9th, due to the possibility of vehicles losing power and increasing the risk of accidents. This issue cannot be fixed with a software patch. Tesla
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CICC: Raise yongda auto's target price to HK$2.31. The cooperation with new energy fund may be an effective breakthrough for dealers.
CICC released a research report stating a bullish outlook on yongda auto (03669) due to the acceleration of new energy cooperation resulting in catalysts and subsequent profit elasticity, raising the target price by 25% to HKD 2.31. In the first half of 2024, the company obtained authorization from stores including Huawei and Xiaomi; the firm is optimistic about the development potential of the company's distribution channels in collaboration with Huawei's intelligent selection and other new energy brands, as well as the profit elasticity it brings to the company. CICC's main points are as follows: a pioneer in new energy cooperation with a rich existing network and authorizations. According to the company’s interim report, in the first half of 2024, the company has independent new energy sales or maintenance centers that include brands like Huawei's intelligent selection (such as Wenjie), Xiaomi.
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Jaguar has paused selling new cars in the united kingdom until 2026.
Luxury auto manufacturers Jaguar Land Rover from the United Kingdom announced on Monday that its Jaguar brand will temporarily stop selling any new cars in the UK. This legendary British brand will hibernate until 2026 when it will reappear, only selling high-end electric cars. Before that, Jaguar Land Rover will not be shipping any new Jaguars to UK dealers. A spokesperson for the company said that all Jaguars still in stock are now classified as used cars, regardless of the mileage on the odometer. Jaguar Land Rover set a plan in early 2021 to transition Jaguar towards pure electric, months before then-UK Prime Minister Boris Johnson announced the plan.
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BOCI Securities: Maintain a 'buy' rating on zhongsheng hldg, with the target price raised to HK$20.
CICC released a research report stating that the overall profitability of the dealer industry has been declining for the past two years, and the current sector valuation is at a historical low. With the gradual recognition of the channel value of traditional dealers in the era of electric vehicles, investors may re-focus on the sector and leading dealer groups. Maintaining a "buy" rating for Zhongsheng Hldg (00881) and raising the target price to HK$20. Zhongsheng held a conference call last Friday (8th) to announce a strategic cooperation with Chongqing Sokon Industry Group Stock, planning to open about 40 new franchised dealerships before the Chinese New Year in 2025. The management stated that Zhongsheng will, in certain existing brand stores, through brand
Guosen Securities: Maintains xpeng-W 'outperform the market' rating. On the first day of the new model P7+ launch, orders exceeded 30,000 vehicles.
Guosen Securities released a research report stating that it maintains a "outperform the market" rating for xpeng-W (09868), considering the new models represented by MonaM03 and P7+ in the second half of the year, the implementation of the company's pure visual solution, penetrating high-end intelligent driving models into the market below 0.2 million, accelerating the realization of high-end intelligent driving parity, and adding the launch of more new models in the future. The company's operation cycle continues to rise, raising the company's revenue forecast and profit forecast. It is expected that the revenue for 2024-2026 will be 46.9/88.5/118.1 billion yuan, with net income of -6/-1.6/2.7 billion yuan. The report states, 11
Goldman Sachs: Maintains a "buy" rating on Galaxy Ent, with the target price raised to 54.2 Hong Kong dollars.
Goldman Sachs released a research report stating a slight increase in the target price of galaxy ent (00027) by 0.7%, rising from 53.8 Hong Kong dollars to 54.2 Hong Kong dollars, maintaining a "buy" rating. The bank slightly raised its EBITDA forecast for galaxy ent for the fiscal years 2024-2026 by 1%. The bank believes that compared to other peers, galaxy ent has more players in the mid- to high-end middle market, but generally lacks players in the low-end and high-end markets. The company's management believes that the mid-2025 fiscal year launch of the Kempinski Hotel with 100 suites will fill the gap in its super luxury product offerings. In addition, the company is expected to announce its 2024 financial year third quarter results.
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