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《大行報告》德銀下調汽車之家(ATHM.US)目標價至61美元 評級「買入」
德銀髮表的研究報告指,汽車之家(02518.HK)(ATHM.US)次季整體收入19億元人民幣,按年跌16%,主要因爲汽車銷售收縮,經調整淨利潤率爲41%,較該行預測高1個百分點,主要銷售及營銷開支管控較強,管理層估計下半年收入仍受壓,主要因爲受芯片短缺影響汽車銷售持續下跌,而廠商在廣告開支上亦較保守,主要因爲原材料成本爲利潤率帶來影響。 雖然期內收入跌16%符市場預期,不過該行留意到媒體服務方面收入跌36%,相信是因爲廠商品牌廣告預算轉向其他線上媒體,例如是短視頻平臺等,相關平臺在用戶使用時數及廣告收入份額亦持續增加,認爲轉勢的時間表可見性較低,主要因爲公司用戶流量自去年次季起維持平穩的趨勢。 因此該行將公司2021及22財年收入預測降2%及4%,經調整每股盈測則維持不變及降6%,以反映行業挑戰持續,同時將公司2021至23年每股盈利的年複合增長預測由19%降至15%,以反映長遠可見性降低,美股目標價由80美元降至61美元,評級維持「買入」,認爲估值吸引。
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