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摩根士丹利-中国汽车经销商:该进军豪华车了.pdf

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M M July 24, 2019 09:00 PM GMT China Autos & Shared Mobility Auto Dealers: Time to Upgrade to Luxury Cars It is time to look beyond dealers' cyclical weakness and prepare for a recovery from 2H19, backed by improving new car margins and rising contribution from after-sales services. We upgrade Yongda (our new top pick) on the BMW model upcycle. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

M M Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY & CO. INTERNATIONAL PLC+ Shelley Wang, CFA Jack Yeung Harald C Hendrikse Equity Analyst Equity Analyst Equity Analyst +852 3963-0047 +852 2239-7843 +44 20 7425-6240 Shelley.Wang@morganstanley.com Jack.Yeung@morganstanley.com Harald.Hendrikse@morganstanley.com MORGAN STANLEY & CO. LLC MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Armintas Sinkevicius, CFA, CPA Tim Hsiao Frank Wan Equity Analyst Equity Analyst Research Associate +1 212 296-5469 +852 2848-1982 +852 2239-1229 Armintas.Sinkevicius@morganstanley.com Tim.Hsiao@morganstanley.com Frank.Wan@morganstanley.com

摩根士丹利-中国汽车经销商:该进军豪华车了.pdf

摩根士丹利-中国汽车经销商:该进军豪华车了.pdf

摩根士丹利-中国汽车经销商:该进军豪华车了.pdf

摩根士丹利-中国汽车经销商:该进军豪华车了.pdf

摩根士丹利-中国汽车经销商:该进军豪华车了.pdf

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