《大行報告》瑞銀降途虎-W(09690.HK)目標價至24.5元 去年初步盈利符預期
瑞銀發表研報指,途虎-W(09690.HK)去年收入按年增長17.8%至136億元人民幣,並首次實現盈利,錄得經調整淨利潤約4.8億元人民幣,業績符合此前盈喜預期。
該行指出,公司向低線城市擴張網絡,以及來自汽車電動化的影響,預期仍是投資者關注重點,考慮到途虎已在中國獨立汽車售後市場建立知名品牌形象,預計可透過提供良好的客戶體驗,吸引更多加盟商加入其網絡。
瑞銀預測至2027年中國汽車保有量中新能源汽車的滲透率將低於20%,在短中期內對途虎的影響有限,預測今明兩年公司收入將按年增長23.6%及21%。但計及行業競爭下市場營銷和廣告支出的增加,則將2024至2027年盈利預測下調最多25%,目標價由27元降至24.5元,評級仍為「買入」。
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