Core Viewpoint - UBS reported that after a meeting with the management of Zhongsheng Holdings, the company updated its recent operational status, indicating that Huawei AITO car sales reached 27,000 units in the first ten months of this year, slightly exceeding company expectations [1] Group 1: Sales Performance - AITO's sales performance has been positive, with new car sales showing a slight year-on-year increase [1] - Despite the growth in sales, the new car gross margin remains under pressure due to industry competition [1] Group 2: Management Confidence - Management expressed confidence in Zhongsheng's long-term growth, citing good positioning in brand portfolio and store location [1] Group 3: Financial Forecasts - UBS has lowered Zhongsheng Holdings' earnings forecasts for 2025 to 2027 by 12% to 18% to reflect ongoing pressure on new car gross margins [1] - The target price has been adjusted from HKD 24 to HKD 20.8, while maintaining a "Buy" rating [1]