途虎養車盈利4.5億超中金預期30% 中金點評:維持跑贏行業評級
在途虎養車發佈2023年盈喜公吿後,2月26日,中金公司發佈了業績點評,維該公司持跑贏行業評級,目標價31.8港元,對比2月27日收盤價20.35港元,隱含了56%的上升空間。此前,中金分析師預測途虎2023年扣非後淨利潤為3.36億元,基於盈喜公吿中披露的2023年全年經調整後淨利潤不低於4.5億元來看,途虎業績表現超出中金分析師預期至少30%。
中金指出,途虎的盈利能力穩健修復,利潤率處於上升通道,主要源於三方面原因:1. 工場店網絡擴張,客户羣不斷增長,規模經濟效應提升,對上游供應鏈溢價能力增強;2. 產品結構持續改善,高毛利的自有品及專供產品佔比提升,保養類業務營收結構提升,服務類別組合的結構性優化推動毛利率提升;3. 推進精益化管理,運營效率有所提高。
此外,截止目前,途虎已擁有近6000家工場店,並正處於從一二線向下沉市場開拓階段。針對下沉市場,途虎推出加盟優惠政策,通過提供開業補貼,實現加盟費減免和管理費減免,降低加盟商經營壓力,推動在目標市場的覆蓋。中金表示,低線省份的門店在客單價、早期投入方面均低於高線城市,預計有望逐步貢獻業績增長點。
中金還認為,與新車市場相比,存量汽車市場無論是在增長階段還是在成熟階段,都呈現出一定的抗週期特徵,是一條長厚雪坡的賽道。而途虎養車定位於存量汽車市場,受新車銷售週期影響的程度較小,因此途虎養車的發展也具備一定的抗週期性。中金指出,途虎養車能提供全生命週期服務,這使其在當前汽車保有量上升的環境下具備較大的增長空間。
此外,與同行相比,途虎養車構建了線上線下一體化汽車服務平台,在產品定價、服務品類、供應鏈管理、門店管控等方面具備領先優勢。中金預計,隨着途虎規模擴張速度的穩定,產品服務與運營效率的優化,市佔率將有望穩健提升。
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