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ZHONGSHENG GROUP HOLDINGS LIMITED

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Zhongsheng : Car Dealer Zhongsheng Group's 1st Half Net Profit Rose 10%

08/10/2020 | 12:45am EST

By Martin Mou

Zhongsheng Group Holdings Ltd. said Monday its first-half net profit rose 10% from a year earlier, partly due to stronger contributions from value-added services.

The Chinese car dealer's net profit for the period came in at 2.29 billion yuan ($328.7 million), while revenue ticked up 1.4% to CNY58.20 billion.

While sales of new cars for the first six months decreased by 7.8% due to the Covid-19 pandemic, Zhongsheng said its income from value-added services grew 8.0% to CNY1.31 billion.

Zhongsheng, a major distributor of luxury cars, said Chinese consumers' demand for upgrades could drive sales of high-end vehicles as the pandemic eases.

 

Write to Martin Mou at martin.mou@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.11% 6.36156 Delayed Quote.-0.32%
ZHONGSHENG GROUP HOLDINGS LIMITED -1.32% 59.95 End-of-day quote.-1.40%
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Analyst Recommendations on ZHONGSHENG GROUP HOLDINGS LIMITED
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Financials
Sales 2021 186 B 29 265 M 29 265 M
Net income 2021 7 835 M 1 232 M 1 232 M
Net Debt 2021 14 240 M 2 239 M 2 239 M
P/E ratio 2021 15,0x
Yield 2021 1,32%
Capitalization 118 B 18 584 M 18 606 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,57x
Nbr of Employees 33 201
Free-Float 24,7%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 49,00 CNY
Average target price 77,38 CNY
Spread / Average Target 57,9%
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Managers and Directors
Guo Qiang Li President, Chief Executive Officer & Vice Chairman
Ning Yu Joint Chief Financial Officer
Yi Huang Chairman
Jin Jun Shen Independent Non-Executive Director
Wei Ying Independent Non-Executive Director
Sector and Competitors