Investment Rating - The report maintains an "Overweight" rating for Meidong Automotive (1268.HK) [2] Core Views - In 2023, Meidong Automotive faced challenges in new car sales due to macroeconomic pressures and industry price competition, but demonstrated strong operational resilience with a service absorption rate of 116.7% [2] - The company is expected to navigate through the crisis and potentially achieve better growth due to its leading advantages in the industry [2] - The report adjusts profit forecasts while maintaining the "Overweight" rating, indicating a belief in the company's ability to recover and grow despite current pressures [2] Financial Summary - Revenue (in million HKD): - 2022: 28,655 - 2023: 28,555 - 2024E: 28,284 - 2025E: 29,301 - 2026E: 30,448 [2][3] - Net Profit (in million HKD): - 2022: 556 - 2023: 156 - 2024E: 295 - 2025E: 983 - 2026E: 1,672 [2][3] - Earnings Per Share (in HKD): - 2022: 0.41 - 2023: 0.01 - 2024E: 0.23 - 2025E: 0.76 - 2026E: 1.30 [2][3] - The company is noted for having the fastest inventory turnover in the automotive dealership industry, which is expected to help maintain stable cash flow [2]
美东汽车2023年业绩点评：新车销售承压，售后快速增长