Citigroup expects the average monthly sales volume of Zhongsheng Holdings (00881) to stabilize at around 45,000 units in the second half of this year.
The Zhitong Finance app learned that Citigroup released a research report stating that it lowered the target price of Yongda Auto (03669) by 16% to HK$4.46, while also adjusting the sales forecast for this year to 7 billion yuan, and the net profit forecast to 814 million yuan. Group management expects the fourth quarter of this year to record a month-on-month improvement in new car sales.
The bank said it lowered the target price of Zhongsheng Holdings (00881) by 29% to HK$26.9, the gross margin forecast for this year to 8.8%, and the net profit forecast to RMB 606 million; the average monthly sales volume for the second half of this year is expected to stabilize at around 45,000 units, and the profit contributed by each vehicle will drop from RMB 17,000 to RMB 13,000.