我们认为途虎作为行业头部的独立汽车服务商有望在中国车龄增长、消费偏好理性化的趋势中获益。途虎通过自研系统,实现对供应链和门店的强管控,产品和服务标准化保持行业领先,更加满足年轻用户的消费习惯,实现了较低的获客成本和较高的用户粘性。我们认为途虎的门店网络扩张足以抵消潜在的单店增长压力,而自有自控产品占比的提升对公司的利润和利润率均有正面帮助。途虎是宏观经济波动中很好的防御性标的,我们将其作为本次...
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