金吾财讯 | 中信建投发布研报指，汽车之家(02518)中观景气承压，但创新业务表现积极。受主流合资品牌销量下降影响，公司中报对应广告收入下滑，考虑到整车厂价格战延续，预计媒体服务部分三季度仍将承压，Q4有望受益于销量复苏。中观景气承压，但创新业务表现积极。
该行指，截至2024年第二季度末，公司现金、现金等价物及短期投资合计为234.7亿元人民币，第二季度来自经营活动的现金流净额为4.52亿元人民币。公司将延续股东回报计划，预计2024至2026年的三年内，每年分红总额不少于15亿元人民币，充足的现金储备和积极的股东回报为公司股价提供坚实支撑。
该行预测，公司2024-2025年营业收入分别为72.36亿元和74.56亿元，同比增长0.72%和3.04%，经调整净利润分别为20.19亿元和21.43亿元，同比增长-6.51%和6.14%，对应净利率27.90%和28.74%。维持“买入”评级，给予目标价30.97美元/ADS，港股目标价60.82港元，对应2024年14倍PE。
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