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永達汽車公佈公告卸除攤銷壓力,行業轉型背景下維持穩健運營

8月15日晚間,中國永達汽車服務控股有限公司(03669.HK,以下簡稱"永達汽車")發佈長期資產減值公告,對過往收購項目未來收益預期進行一次性修正,涉及金額約35億元人民幣。本次處理爲一次性賬面調整,不涉及現金支出,對日常經營無實質影響。

永達汽車表示,此次調整旨在更真實地反映資產狀況,並減少未來攤銷壓力。市場人士認爲,這意味着相關資產歷史成本已被充分釋放,未來利潤表中將減少同類攤銷項目,有助於投資者更清晰地觀察公司主營業務的盈利能力。

汽車零售行業在2025年整體延續增長趨勢,但結構變化明顯。中國汽車工業協會數據顯示,今年前7個月,全國汽車產銷分別完成1823.5萬輛和1826.9萬輛,同比分別增長12.7%和12%。新能源汽車保持高增速,產銷分別爲823.2萬輛和822萬輛,同比提升39.2%和38.5%,滲透率達到45%。

在這一背景下,永達汽車憑藉前瞻性的新能源品牌矩陣、二手車與售後能力以及數字化運營效率,展現出更強的韌性與潛力。公告顯示,集團售後服務收入和毛利率維持平穩,剔除一次性減值影響後公司保持盈利。上半年,公司日常運營帶來的淨現金流入超過11億元,同比增幅超過57%,反映出公司在經營現金流和渠道網絡方面表現穩健。

值得一提的是,在新能源領域,永達汽車的佈局正持續加碼。數據顯示,其新增新能源授權網點30家、新開業網點7家,與2024年末相比,服務網絡規模實現倍增,獨立新能源品牌新車銷量和維修收入同比分別增長49%和76%。

據廣發證券等多個研究機構預測,下半年豪華品牌市場競爭將持續,新能源汽車滲透率有望進一步提升。面對市場結構不斷變化的背景,永達汽車的戰略執行和後續表現將繼續成爲投資者和行業觀察者的關注重點。

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