招银国际发表报告指，维持途虎-W(09690.HK) “买入”评级，目标价由26元降至20元。预测公司去年下半年经调整纯利按年下降9%，按半年下降32%至约2.43亿元人民币(下同)，原因是去年第三季的销售额可能低于市场预期。
另一方面，招银国际预期途虎2025财年收入增长将快于2024财年，受惠于去年第四季新开门店，以及对门店提供更多支持以吸引消费者和新的特许经营门店。而去年下半年的减价令途虎在今年的采购谈判中更加审慎，该行认为这将有助于其提升2025财年毛利率。该行料途虎今年经调整利润按年升27%至7.63亿元，净利润率料按年升0.5个百分点至4.6%。该行相信在经济不确定的情况下，途虎仍比大多数汽车售后市场服务供应商更具韧性。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-22 16:25。)
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