ZHONGSHENG HLDG(00881) 智通财经·2024-03-28 06:04Core Viewpoint - Zhongsheng Holdings (00881) experienced a stock price increase of over 10% following the release of its 2023 annual performance report, despite a slight decline in overall revenue and profit [1] Financial Performance - The company reported a total revenue of 179.29 billion RMB for the year, representing a year-on-year decrease of 0.32% [1] - Shareholder profit attributable to the company was 5.018 billion RMB, down 24.97% compared to the previous year [1] - A final dividend of 0.797 HKD per share is proposed [1] Used Car Business - The used car segment showed significant growth, with total transaction volume exceeding 164,000 units, marking a year-on-year increase of 17% [1] - The corresponding comprehensive profit from the used car business surpassed 1.2 billion RMB, reflecting a 55% year-on-year increase and accounting for 6.9% of the total annual comprehensive profit, achieving a historical high [1] Market Conditions - Bank of America noted that Zhongsheng Holdings' performance in the second half of the year slightly exceeded expectations, with revenue in that period growing by 4% year-on-year to reach 97 billion RMB [1] - The new car business revenue declined by 1%, with sales volume remaining flat and the average price of comprehensive products decreasing by 1% [1] - The gross margin for the business segment fell by 2 percentage points to 0.3% year-on-year, primarily due to pricing pressures from the electric vehicle industry's price wars and weak demand recovery [1]