大摩将中升控股(00881)2024至2026年盈利预测下调24%至36%，美东汽车(01268)2024至2026年盈利预测则被下调21%至53%，至于永达汽车(03669)，将其2024至2026年盈利预测下调49%至62%。大摩认为，由于过往关闭门店、客户流失，加上一线城市电动车保有量提升，永达在售后服务方面或较同行要面临更多挑战。According to Morgan Stanley, Yongda Auto (03669) may face more challenges in after-sales service than its peers due to past store closures and customer loss, as well as the increase in electric vehicle ownership in first-tier cities.
Morgan Stanley released a research report stating that due to the decrease in profit margins of new car business, the decreasing market share of international auto brands in China, which affected sales performance, and the slowing growth of auto repair business, it has now lowered the profit forecast for car dealers from 2024 to 2026 by 21% to 62%.
The bank expects sales of luxury car brands to decline by 6% to 23% in the first half of this year compared to the second half of last year. At the same time, the profit margin of new cars has been weakened and after-sales business has slowed down, resulting in a record drop in profit for the period compared to the second half of last year. Looking ahead to the second half of the year, luxury car brands led by BMW have adjusted their sales strategy in the Chinese market, no longer pursuing sales growth but focusing on improving product prices, with prices starting to rise since July. However, Morgan Stanley is concerned about whether the brand's price increases can be sustained, as current market demand seems weak.
Morgan Stanley lowered the profit forecast for Zhongsheng Holding (00881) from 2024 to 2026 by 24% to 36%, and for Meidong Auto (01268) by 21% to 53%. As for Yongda Auto (03669), its profit forecast for 2024 to 2026 has been lowered by 49% to 62%. According to Morgan Stanley, Yongda may face more challenges in after-sales service than its peers due to past store closures and customer loss, as well as the increase in electric vehicle ownership in first-tier cities.
