1 Apr 2026 Recover gradually Yongda Automobiles (3669 HK) Maintain BUY. We believe further deterioration in new-car GPM is limited as luxury OEMs lower MSRPs and explore agency models. While the auto dealer industry remains in a "survival of the fittest" phase, we expect established leaders like Yongda to become long-term survivors. Since most brands will continue to rely on dealers, we view Yongda's expertise in NEV dealership as a key competitive advantage. Earnings Summary | (YE 31 Dec) | FY23A | FY24A | ...