中信证券指，新车业务的毛利率受豪华合资车型需求疲软，价格战延绵不断影响，公司新车销售持续承担价格压力，新车毛利率-5.1%。花旗料美东汽车今年亏损达4.7亿元，明年料转赚2.33亿元，2026年收入及纯利预测分别为230亿元及4.92亿元，主要是因为新车销售的平均售价及毛利下降，特别是保时捷及宝马因宏观经济不振拖累需求。Meidong Auto (01268) fell nearly 4%, having previously risen over 2% in early trading. As of the press time, it dropped by 3.76%, to HK$2.05, with a turnover of 6.8547 million Hong Kong dollars.
According to the WiseNews App, Meidong Auto (01268) fell nearly 4%, having previously risen over 2% in early trading. As of the press time, it dropped by 3.76%, to HK$2.05, with a turnover of 6.8547 million Hong Kong dollars.
On the news front, according to the China Automobile Dealers Association, in recent times, the association has received feedback from a large number of member companies about the drastic changes in the automotive market brought about by the ongoing "price war" and other factors, leaving car dealerships in deep turmoil facing a severe liquidity crisis. According to analysis by association experts, in August, the overall discount rate in the new car market was 17.4%. From January to August this year, the "price war" has already led to a cumulative retail loss of 138 billion yuan in the new car market.
Citic Sec pointed out that the gross margin of the new car business is impacted by weak demand for luxury joint venture models, continuous impacts from the prolonged price war, and the company's ongoing price pressure in new car sales, resulting in a new car gross margin of -5.1%. Citigroup expects Meidong Auto to incur a loss of 0.47 billion yuan this year, turn profitable by 0.233 billion yuan next year, with revenue and net profit forecasted for 2026 at 23 billion yuan and 0.492 billion yuan respectively. This is mainly due to the declining average selling price and gross margin in new car sales, especially affecting demand for Porsche and BMW due to the sluggish macroeconomic conditions.
