《大行報告》美銀證券下調汽車之家(02518.HK)目標價至76元 評級「跑輸大市」
美銀證券發表研究報告指,汽車之家(02518.HK)第三季業績大致符合預期,收入按年下跌24%,較第二季跌幅擴大;期內傳統業務收入下跌32%,表現跑輸內地私家車批發量同期下跌12%,相信表現疲軟主要受媒體服務業務所拖累。
該行指出,線索服務業務相對更具韌性,因此第三季收入僅下跌9%。隨着數據業務由升轉跌,期內在線營銷收入增長速度亦放緩至2.5%。
美銀預期,汽車之家智能新車發佈數據產品銷量下滑,是由於期內較少新車型面市,預計情況將持續到第四季。汽車之家宣佈將在未來十二個月內斥資最多2億美元回購股份。
報告估計,汽車之家未來將加強拓展新能源汽車製造商、二手車交易、數據產品供應和銷售等領域,並將提升用戶獲取能力,因此預期研發及營銷支出將上升,將其第四季及明年非通用會計準則計淨利率下調至30%及39%,目標價由81元下調至76元,重申「跑輸大市」評級。
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