金吾财讯 | 摩根士丹利发研报指，根据独立汽车后市场(IAM)数据提供商F6汽车的数据，途虎(09690)2024年12月售后市场表现亮眼，零售销量环比增长11%，售后服务单位环比增长5%，强于季节性表现，且平均服务价格(ASP)同比增长2%，与途虎此前关于门店客流量和零售价格在2024年三四季度改善的说法相印证。该行表示，在汽车售后市场行业，整体竞争格局复杂多变。一方面，4S经销商门店关闭将促使车主转向独立售后渠道，为途虎等企业带来发展机遇；另一方面，政府以旧换新刺激政策可能减少流向IAM门店的老旧车辆数量，对其业务增长形成一定挑战。行业企业需在提升服务质量、拓展客户资源及优化成本结构等方面持续发力，以应对市场动态变化。该行认为，尽管途虎汽车的发展仍面临诸多风险，比如门店扩张缓慢、缺乏新用户致同店收入低于预期及利润率恶化等下行风险，但总体而言对途虎汽车未来发展持谨慎乐观态度，给予目标价24港元，维持“增持”评级。
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