ZHONGSHENG HLDG(00881) 开源证券·2025-03-31 05:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, with a gross profit of 10.672 billion yuan, down 22.5% year-on-year, and a net profit attributable to shareholders of 3.212 billion yuan, down 36.0% year-on-year [6] - The company has a strong market position with 4.19 million active customers, a 10.7% year-on-year increase, and holds 14.1% of luxury car brand users in 32 major cities [6] - The company is expected to improve its market share despite industry challenges, with a focus on embracing new energy vehicles [6] Financial Performance Summary - In 2024, the company sold 485,300 new cars, a year-on-year decrease of 3.2%, with a gross loss of 3.208 billion yuan from new car sales [7] - The after-sales service revenue reached 22.001 billion yuan, a year-on-year increase of 9.6%, with a gross profit of 10.216 billion yuan, reflecting stable growth in after-sales business [8] - The company forecasts net profits of 3.519 billion yuan and 4.944 billion yuan for 2025 and 2026 respectively, with an estimated EPS of 1.5, 2.1, and 2.7 yuan for 2025, 2026, and 2027 [6][9]