《大行》招銀國際升途虎(09690.HK)目標價至23元 續予「買入」評級
招銀國際發表研究報告指,途虎-W(09690.HK)雖然經歷行業逆風,但上半年盈利仍然穩固。期內,集團店鋪數量按年增加14%,收入上升11%,符合預期;毛利率爲25.2%,低於預期0.2個百分點;純利升8%至3.07億元人民幣,低於預期3%;經調整淨利潤升15%,高於該行預測11%。
招銀國際認爲,途虎超卓的管理能力或使其繼續獲得市場份額,減低投資者對短期行業波動的憂慮。該行下調集團2025財年的收入預測1%,又將毛利率預測下調0.9個百分點。該行期內經調整淨利潤預測下調8%至7.61億元人民幣,料按年增長22%。至於2026財年,受惠於門店持續擴張及客戶獲取,預料收入按年升9%,毛利率將輕微擴張至25.9%。維持「買入」評級,並延展估值基礎至2026年,以預測明年經調整市盈率20倍計,目標價由原先21.5港元升至23港元。
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