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大行評級|大摩:首予途虎“增持”評級及目標價23港元 加盟店及用户增長提供支持
格隆匯 07-29 14:56
大摩發表報吿,在加盟店及用户增長支持下,首予途虎“增持”評級,目標價為23港元。該行稱,在內地消費降級趨勢下,料獨立汽車售後市場(IAM)服務商相對具防守性。該行料2023至2028年間,內地汽車售後市場銷售年均複合增長達8%,規模將擴至2萬億元,受汽車老化支持,但被純電動車佔比增加部分抵銷(因純電動車售後服務需求較汽油車為小)。以收入計,途虎是內地最大線上至線下IAM服務商,該行喜好途虎,因與特許經營商利益有更佳接合,但這不意味途虎收費較同業便宜;以及規模效益帶來成本優勢,可以提供具競爭力價格及服務範圍,以擴大客户基礎。
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