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Cui Dongshu of the China Passenger Car Association: In October, the number of imported cars in mainland China fell by 45% year-on-year and 21% month-on-month.
The Secretary-General of the China Passenger Vehicle Market Information Joint Conference, Cui Dongshu, stated through his personal WeChat public account that in October 2024, the mainland import volume of passenger vehicles was 0.044 million vehicles, a year-on-year decrease of 45% and a month-on-month decrease of 21%, marking a rare significant decline. Cui Dongshu pointed out that since 2017, the import vehicle market has been continuously shrinking, decreasing from 1.24 million vehicles to 0.8 million vehicles this year. For the first ten months of this year, the cumulative import volume was 0.58 million vehicles, a 9% year-on-year decrease. This trend is closely related to the rise of domestic automobile brands and the accelerated localization of international brands in the mainland. Additionally, with the recent years, mainland consumers' preference for domestic products.
haitong sec first gives China Resources Beer (00881.HK) a 'outperform the market' rating, bullish on new brand development and after-sales business
Haitong Securities stated in its research report that zhongsheng hldg (00881.HK) is a leading enterprise among Chinese car dealers, with sales in the first half of 2024 increasing by nearly 4% year-on-year to 0.233 million vehicles. As of the end of June, there are a total of 419 dealerships nationwide, including 269 for luxury brands and 150 for mid-to-high-end brands. Haitong pointed out that by actively expanding in central cities, zhongsheng has enhanced its risk resistance capabilities. Although new car business is under pressure, through attracting long-term customers and improving after-sales service, it has achieved basically stable mid-term revenue. Looking ahead, the bank pointed out that new energy vehicle brands are actively expanding their dealer networks.
Haitong sec: Initiated a "buy" rating on zhongsheng hldg (00881) with a fair value of HKD 22.34-25.54.
Haitong sec expects Zhongsheng's revenue for 2024, 2025, and 2026 to be 169.9, 191.7, and 218.5 billion yuan, respectively.
Zhongsheng Hldg (0881.HK): A leading car dealers/auto retailers company in China, bullish on the expansion of new brands and after-sales business driving performance improvement.
Zhongsheng HLDG is a leading company among car dealers in China.
Car dealers Ping Sheng Yongda Auto (03669) rose by 10.64%. Institutions expect car demand to continue to rise by the end of the year.
Jingwu Financial News | Car dealers have generally increased, yongda auto (03669) rose 10.64%, meidong auto (01268) increased by 5.13%, harmony auto (03836) rose by 2.82%, zhengtongauto (01728) increased by 2.5%, zhongsheng hldg (00881) rose by 2.31%. Senior economist Xu Changming from the National Information Center stated today at the 2024 Automotive Finance Industry Summit that the wholesale sales volume of domestic passenger vehicles is expected to be 23 million units this year, an increase of 2.7% year-on-year, with terminal sales expected to reach around 23.5 million units, a year-on-year increase of 6-7%, throughout the year.
Ministry of Commerce: Plan in advance for next year's automobile trade-in policy.
Song Yingjie, a level two researcher at the Consumer Promotion Department of the Ministry of Commerce, stated that the policy of early planning to replace old cars with new ones next year will be continued, hoping to stabilize market expectations and improve related automobile policies to promote convenient trade of used cars. He mentioned that the current mainland application volume for scrapping and replacement of automobiles has exceeded 2 million, totaling over 4 million. At the same time, the daily subsidy application volume remains high, driving the year-on-year increase of over 50% in the amount of scrapped cars recycled in the first ten months of this year.
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