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《大行》高盛:滴滴出行(DIDIY.US)估值具吸引力 首予「買入」目標價7.2美元
高盛研究報告指,滴滴出行(DIDIY.US)具備良好定位,能把握全球出行增長機遇,處於自動駕駛前沿,且估值具吸引力(2026年預測國內市盈率14倍,相較於2024至2027年預測收入及每股盈餘年均複合增長率分別爲8%、44%)。高盛預期,滴滴出行國內利潤、自由現金流將持續穩定增長,在其覆蓋的中國互聯網企業中屬於利潤增長最快的企業之一,通過在國內市場領先地位的核心平臺總交易額(GTV)利潤擴張、國際出行利潤擴張及其他項目(包括自動駕駛出租車)虧損縮窄實現。 高盛指,在滴滴250億美元市值(2026年預測市盈率18倍)與UBER(UBER.US)2,000億美元市值(2026年預測市盈率27倍)相比,兩者均在各自國內市場領先且國際業務增長。高盛認爲滴滴相較全球同行的估值具吸引力,風險回報正面,首予「買入」評級,並採用分部加總(SOTP)估值法,得出滴滴12個月目標價7.2美元。 高盛預期滴滴將受益於以下數方面:1)在低線城市進一步滲透共享出行(短期) 及自動駕駛出租車(長期,基於更低成本和更高利用率);2)國內總交易額利潤率擴張(因用戶補貼正常化)推動利潤增長;3)國際業務未被充分重視,出行利潤出現拐點;4)估值偏低但基本面強勁,具備重新評級機會。
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