《大行報告》摩通上調汽車之家(ATHM.US)目標價至33美元 評級「中性」
摩根大通發表研究報告指,預計在OEM生產活動恢復、乘用車銷量回升及下半年更多新車上市的情況下,汽車之家(02518.HK)(ATHM.US)第三季起收入將穩步回升,同時下半年車展及銷售活動恢復,或令營銷開支增加,對第二及第三季經營槓桿有影響。
該行預期,隨著中國汽車生產活動恢復正常,以及政府推出各項支持措施,汽車之家的媒體服務業務將開始重回正軌,第二季業務收入按年跌幅預期收窄至20%左右,並於下半年恢復增長。
同時下半年新車發布更加集中,將帶動OEM廠商加大廣告支出,摩通預期數據產品及二手車業務第二季受到疫情影響較大,但第三季起料將恢復增長。
惟摩通提醒,新能源汽車驅動市場發展,快手(01024.HK)和抖音等平台成長,或瓜分車廠的廣告開支,因此對汽車之家維持「中性」評級,美股目標價33美元。
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