Investment Rating - The investment rating for the company is maintained at "Buy" [8] Core Views - The company reported a significant increase in losses due to one-time impairments related to goodwill and automotive dealership rights, with a net loss of 2.26 billion RMB in 2024 compared to a net profit of 140 million RMB in 2023 [1][3] - The company is expected to see a significant reduction in impairment risks in 2025, leading to potential performance recovery [1][3] - The after-sales service business has shown resilience, with revenue growth of 7.1% year-on-year, indicating a strong profit foundation despite challenges in new car sales [2][3] Summary by Sections Financial Performance - The company's revenue for 2024 was 22.15 billion RMB, a decrease of 22.4% year-on-year, while the new car sales volume dropped by 14.2% to 57,000 units [2][7] - The average discount rate in the luxury car market was approximately 20.7% in 2024, impacting sales [2] - After-sales service gross margin improved by 6.4 percentage points to 60.1% in 2024, highlighting the profitability of this segment [3] Operational Strategy - The company continues to implement a low inventory turnover strategy, maintaining an inventory turnover period of 13 days, which helps mitigate larger losses during industry restructuring [4] - Early indicators for 2025 show improvements in orders and customer traffic, suggesting a positive operational outlook [4] Profit Forecast and Valuation - The projected net profits for 2025 and 2026 are 339.54 million RMB and 481.94 million RMB, respectively, with an estimated EPS of 0.26 RMB and 0.38 RMB [5][18] - The target price for the company is set at 2.09 HKD, based on a PE ratio of 7.5 for 2025 [5][9]
美东汽车（01268）：减值拖累业绩，售后业务稳健向好