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《大行報告》匯豐研究上調汽車之家(ATHM.US)目標價至45美元 評級「買入」
匯豐研究發表報告指,料汽車之家(ATHM.US)第四季盈利將勝預期,料今年增長將跑贏行業。該行料集團去年末季收入將按年增長9%,而經調整淨利潤則按年增長28%。目標價由44美元升至45美元,評級「買入」。 該行表示,繼續看好汽車之家,認為集團具有穩定的自由現金流生成能力和有吸引力的估值。該行預計,今年行業競爭將保持激烈,增長將會放緩。作為一個擁有領先的DAU(日活躍用戶)和客戶覆蓋率的平台,預計集團的收入將在今年增長約5%,其中,媒體服務及發掘潛在客戶產生收入將分別增長5%和3%。成熟的細分市場應繼續為二手車、新能源汽車和汽車使用服務的長期增長機會提供資金。除了因春節和線下交通中斷導致的淡季外,由於今年汽車補貼尚未更新,第一季的部分購車需求提前至去年第四季,因此,該行預計今年首季總收入按年僅增長2%。該行認為,4月的北京車展和更多的汽車刺激措施,可能會推動第二季及之後的復甦,又預計集團今年經調整淨利潤率將持平於30%。 該行提到,集團今年並沒有對潛在客戶提價,除非經銷商在截止日期後續約或有新的簽約,到目前為止,集團已經與六成的經銷商續簽合同。該行預計續簽將在本月底完成,又優先考慮保留經銷商客戶。
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