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《大行報告》瑞銀首予途虎-W(09690.HK)「買入」評級 目標價55.2元
阿思達克 10-30 10:33
瑞銀發表報告,首予途虎-W(09690.HK)「買入」評級,目標價55.2元。報告指,截至2022年,中國汽車售後市場的市場規模已達11萬億元人民幣,按收入和門店數量計算,途虎是最大的獨立汽車售後市場服務提供商。 瑞銀預計,2023至2027年,該公司的淨利潤年複合增長率將達到48%。該股股價為明年市售率1.1倍,較美國和香港上市的汽車售後市場服務供應商分別折讓約50%和30%,因此認為其股價有上漲潛力。 該行料途虎將成功擴大其產品、服務範圍,及商店網絡,並提高其供應鏈能力,從而在2022-27年實現 24%的收入複合年增長率。預計集團毛利率將從2022年的19.7%增加至2027年的29.8%,2022-27年毛利複合年增長率為35%,主因高利潤產品和服務(例如維護服務)的貢獻不斷增加;提高規模經濟和供應鏈效率,門店數量由2020年的2,488家增至2027年的10,553家。
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