YONGDA AUTO(HK:03669) 智通财经网·2026-02-26 02:52Core Viewpoint - The report from Morgan Stanley indicates a decline in commission income for automotive dealers in mainland China, while profitability remains on a recovery track. The forecast for earnings of Yongda Automobile and Meidong Automobile for 2025 to 2027 has been lowered due to the restructuring of high-interest and high-commission automotive financial products, resulting in new car profit margins falling below expectations [1]. Group 1: Company Performance - Yongda Automobile (03669) has seen a decline of 3.75%, trading at 1.54 HKD [1]. - Meidong Automobile (03836) has experienced a drop of 3.06%, with shares priced at 0.95 HKD [1]. Group 2: Market Outlook - Morgan Stanley anticipates that despite further deterioration in new car business in the second half of 2025, there is a downward risk to earnings for 2025 [1]. - The expectation is that profitability for Chinese automotive dealers will hit a bottom in 2025 and rebound in 2026 [1].