《大行報告》大摩下調汽車之家(ATHM.US)目標價至29美元 評級「與大市同步」
摩根士丹利發表報告指,由於市場價格戰持續,加上國內消費情緒維持疲軟、整車廠的預算調整,以及經銷商利潤空間收窄,都導致汽車之家-S(02518.HK)(ATHM.US)核心業務近期受壓,拖累整體收入表現,預測在去年較高基數,以及投資增加的影響下,公司利潤率將按年下滑。
該行預測,今年第四季汽車之家收入將按年增長2%,其中線上業務增長將達到約20%,主要來自經銷商數據產品及二手車業務收入所推動,媒體服務業務收入則預期錄得按年下跌。
大摩估計,汽車之家未來會加強對線下門市流量、內容及對合作夥伴補貼方面的投入,因此預計第四季毛利率會略降至80.4%,非通用會計準則下淨利潤預測達到5.49億元人民幣,維持「與大市同步」評級,美股目標價由31美元下調至29美元。
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