--- title: "《大行》大摩降内地汽车经销商目标价 中升控股目标价降至 18 元" description: "大摩下调中升控股目标价至 18 元，因内地汽车经销商佣金收入下滑，盈利虽复苏但面临风险。报告指出，2025 年新车利润率低于预期，预计 2025 年盈利将触底，2026 年反弹。永达汽车和美东汽车目标价分别降至 1.9 元和 1.7 元，评级均为与大市同步。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/273780287.md" published_at: "2026-01-27T02:52:43.000Z" --- # 《大行》大摩降内地汽车经销商目标价 中升控股目标价降至 18 元 > 大摩下调中升控股目标价至 18 元，因内地汽车经销商佣金收入下滑，盈利虽复苏但面临风险。报告指出，2025 年新车利润率低于预期，预计 2025 年盈利将触底，2026 年反弹。永达汽车和美东汽车目标价分别降至 1.9 元和 1.7 元，评级均为与大市同步。 大摩发表报告指，内地汽车经销商佣金收入下滑，但盈利仍处於复苏轨道，下调中升控股 (00881.HK)、永达汽车 (03669.HK) 及美东汽车 (01268.HK) 2025 至 2027 年盈利预测，以反映「高息高佣」汽车金融产品整顿后，新车利润率低於预期的情况。 报告指，尽管新车业务在 2025 年下半年进一步恶化，对 2025 年盈利构成下行风险，但预期中国汽车经销商盈利将在 2025 年触底，并於 2026 年反弹。潜在的记忆体短缺可能导致汽车减产，若此情况成真，亦将惠及汽车经销商。 该行首选中升，因售后业务稳健增长为盈利复苏提供支持，目标价由 21 元降至 18 元，评级「增持」。对永达汽车目标价由 2.3 元降至 1.9 元，评级「与大市同步」。美东汽车目标价由 2.1 元降至 1.7 元，评级「与大市同步」。 ### Related Stocks - [03669.HK - 永达汽车](https://longbridge.com/zh-CN/quote/03669.HK.md) - [01268.HK - 美东汽车](https://longbridge.com/zh-CN/quote/01268.HK.md) - [00881.HK - 中升控股](https://longbridge.com/zh-CN/quote/00881.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Zhongsheng Group Files Director List with HKEX | Zhongsheng Group Holdings Limited has submitted an updated director list to the Hong Kong Stock Exchange. The Board incl | [Link](https://longbridge.com/zh-CN/news/273661580.md) | | Tianli Chairman Luo Shi Raises Stake to Nearly 45% in Market Purchase | Tianli International Holdings Limited announced that its chairman, Luo Shi, has increased his stake to approximately 44. | [Link](https://longbridge.com/zh-CN/news/276626782.md) | | Tesla confirms Cybertruck AWD price increase coming next month | Tesla has confirmed a price increase for the Dual Motor All-Wheel Drive Cybertruck, currently priced at $59,990, effecti | [Link](https://longbridge.com/zh-CN/news/276779250.md) | | 14:36 ETRotoplas is included for the fifth consecutive year in the S&P Sustainability Yearbook | Grupo Rotoplas, S.A.B. de C.V. has been included for the fifth consecutive year in the S&P Sustainability Yearbook, reco | [Link](https://longbridge.com/zh-CN/news/276479895.md) | | Tianli Education International Chairman Buys 2.7 Million Shares | Tianli International Holdings Ltd :CHAIRMAN BUYS 2.7 MILLION SHARES AT AVERAGE PRICE OF HK$2.79 PER SHARE | [Link](https://longbridge.com/zh-CN/news/276611915.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。