Bank of America Securities released a research report, reiterating that Yongda Motor(03669) "Buy" rating, there are store acquisition plans under way, and its financial leasing company is expected to complete the sale in the fourth quarter, raising its sales forecasts for 2021-23 by 1%, 1% and 2% to reflect a better profit outlook. earnings per share forecasts are raised by 10 per cent, 3 per cent and 5 per cent, with the target price rising from HK $18.10 to HK $18.70.

The company's third-quarter revenue fell 9.8 per cent to 15 billion yuan, while new car revenue fell 9.8 per cent, with luxury brand sales down 9.1 per cent, mid-and high-end brand sales down 13.8 per cent and after-sales service sales up 5.7 per cent, the report said. Gross margin was 12%, up 1.4% from the same period last year. The bank said the company expects better new car sales in the fourth quarter and higher prices due to limited supply.