瑞银：予中升控股(00881)“买入”评级 目标价降至19港元

Core Viewpoint - UBS has issued a "Buy" rating for Zhongsheng Holdings (00881), adjusting its earnings forecast for 2025 to 2027 down by 3% based on last year's performance, with a slight decrease in target price from HKD 20 to HKD 19 [1] Group 1: Financial Performance - The company's performance last year met market expectations, with overall new car sales remaining roughly flat year-on-year in the second half of the year [1] - The sales revenue from new cars decreased by 1.3% year-on-year, while after-sales service revenue increased by 9.1% [1] - The revenue from used car sales reached RMB 8.9 billion, marking a record high [1] Group 2: Margin Analysis - The gross margins for both new car and after-sales service businesses declined year-on-year, indicating increased profitability pressure in the second half of the year [1]