西部證券：途虎-W市場領導地位持續鞏固，用戶規模、粘性同步提升
西部證券近日發佈對途虎-W(9690.HK)2024年業績的點評研報，認爲途虎養車作爲全國最大的線上線下一體化汽車服務提供商，報告期內實現業績和規模的雙輪增長，行業龍頭地位進一步鞏固，用戶規模與粘性同步提升，對公司維持“買入”評級，同時預測公司2025-27年營業收入分別爲162/179/197億元，歸母淨利潤分別爲6.5/8.3/10.7億。
穩步增長 市場領導地位更爲穩固
途虎於3月20日發佈2024年年度業績報告，報告顯示，2024年度公司錄得營業收入147.6億元，同比增8.5%；經調整淨利潤6.2億元，同比增29.7%；毛利率25.4%，同比增0.7pcts；運營現金流達13億元，同比增長29.2%，期末全量現金儲備超75億元。
行業整體承壓的一年，途虎養車實現穩步增長、財務表現穩健，交出了一份高質量答卷，市場領導地位持續鞏固。
用戶規模、粘性提升 新能源用戶翻倍有望帶來增長複利
西部證券着重指出，報告期內途虎養車的用戶規模和粘性實現雙維提升。用戶規模方面，截至2024年末，平臺累計註冊用戶近1.4億，同比增長20.4%，交易用戶數達到2410萬，同比增長24.8%；用戶粘性方面，2024年平臺用戶復購率提升至62.3%，訂單滿意度達到95%，行業領先。
其中，新能源用戶數增速尤爲亮眼。2024年全年，公司新能源交易用戶數同比增長105%至270萬，佔平臺總交易用戶數的11%，在車齡小於3年的交易用戶中佔比已經超過30%。未來，隨着新能源後市場規模的增長和服務供給結構的不斷完善，早期用戶體量的有效積累有望帶來可觀的增長複利。
門店增長近千家 遠超行業平均水平
門店規模和佈局方面，西部證券認爲公司線下服務網絡進一步拓展，縣域市場滲透持續深化。截至2024年底，途虎養車工場店較上年淨增965家，覆蓋全國318個地級行政區、1759個縣級行政區。 西北地區門店數同比增長超30%，中西部獨立鄉鎮簽約門店數增幅達48%。
值得注意的是，途虎養車門店規模的增長遠超行業平均水平，年度近千家門店的淨增量呈現出強勁的擴張勢能，讓其他玩家望塵莫及，進一步拉大了與追隨者的距離。
在穩步擴張的同時，途虎因應市場環境，年內加大對加盟商的扶持。西部證券指出，公司全年投入近1億元扶持加盟商，並斥資10.4億元用於線上線下推廣，助力加盟商實現同店用戶數正增長。
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