On June 22, the shares of car dealers fell in the afternoon, Zhongsheng Group fell 4%, US East Motor fell 3.7%, Yongda Motor fell 2.6%, and Harmony Motor fell 1.6%. However, among the car dealerships covered by the bank, the bank expects new car sales to fall by double digits in the first half of this year on a year-on-year basis, but profit margins are expected to improve year-on-year, according to a research report. Morgan Stanley expects Zhongsheng Group and Meidong Motor to have better growth in the first half of the year. The bank cut its profit forecasts for Zhongsheng, Yongda and Meidong this year to reflect the loss of after-sales service revenue caused by the epidemic, while its earnings forecasts for next year and 2024 were also cut due to early purchase income in the second half of this year.