Core Viewpoint - Meidong Automotive (01268) is experiencing a decline in stock price, currently down over 5%, with a trading price of HKD 2.62 and a transaction volume of HKD 10.67 million [1] Financial Performance - According to a report by CMB International, Meidong Automotive's performance in the second half of 2023 is under pressure from new car gross margins and goodwill impairment. If there is no further goodwill impairment in FY24, net profit is expected to increase from HKD 80 million in 2023 to HKD 370 million in 2024 [1] Brand Analysis - Porsche is identified as the brand most likely to see profit improvement, particularly after Q2 2024, as inventory levels decrease to reasonable levels and the new Panamera is launched. The report predicts a 13% decline in Porsche's sales in China this year, totaling 70,000 units, with Meidong's market share at 15% [1] - New car gross margin is expected to improve by 0.5 percentage points to 2.5%, contributing to an overall increase in new car gross profit by HKD 24 million. Meanwhile, BMW and Lexus are anticipated to continue facing challenges this year [1]
港股异动 | 美东汽车(01268)现跌超5% 机构称2H23业绩面临新车毛利和商誉减值压力