Citigroup has issued a research report maintaining a "Buy" rating on Zhongsheng Holdings (00881) and setting a target price of HK$16.3. On March 27, the firm held an investor update meeting with Zhongsheng's management, which highlighted several key points. The company aims to achieve breakeven gross margin for new car sales by 2026, while total new car sales volume is expected to remain flat year-on-year. Management anticipates a potential recovery in profitability for traditional luxury brands, driven by reduced intensity in price wars, narrower price discounts following the discontinuation of high-interest, high-rebate auto loan models, and improved product competitiveness. Additionally, growth in new energy vehicle sales is expected to contribute marginally to the profitability of the new car sales segment. In after-sales services, the company targets a 5% year-on-year increase in gross margin by 2026.