美银证券：重申中升控股(00881)“买入”评级 目标价降至17港元

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "Buy" rating on Zhongsheng Holdings (00881), highlighting the potential of the used car trading and after-sales service business as new growth drivers for the company [1] - The report indicates a slight adjustment in the earnings forecast for 2024 and 2025, with a decrease of 5% and 2% respectively, and a minor reduction in the target price to HKD 17 [1] - The company's performance in the second half of last year exceeded expectations, with a year-on-year revenue growth of 4%, reaching RMB 97 billion, despite a 1% decline in new car business revenue and flat sales volume [1] Group 2 - The report notes that the gross profit margin for the business segment fell by 2 percentage points to 0.3%, primarily due to pricing pressure from the price war in the Chinese electric vehicle industry and weak demand recovery [1] - Significant growth was recorded in the used car trading and after-sales service segments, surpassing market expectations, with after-sales service revenue increasing by 9% and used vehicle transaction volume growing by 32% year-on-year [1]