Under the banner of "Big Banks," the target price for YONGDA AUTO has been lowered to 1.65 yuan with a rating of "Buy."
Citi published a research report indicating that YONGDA AUTO (03669.HK) management expects the comprehensive gross margin of new car sales to exceed 1% by 2026, with the gross margin of new energy vehicles expected to increase by more than RMB 200 million annually, and the gross margin of fuel vehicles expected to increase by more than RMB 100 million annually.
The bank expects the company's gross margin to experience negative growth in the first and second quarters of 2026, but with the growth in sales of new energy brands, the gross margin in the second half of the year is expected to improve compared to the previous quarter. The bank has lowered its target price from HKD 3.19 to HKD 1.65, maintaining a "Buy" rating
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