金吾财讯 | 招商证券发布研报指，预计途虎(09690)全年收入同比实现8.5%的增长，实现Non-gaap归母净利润6亿元。公司调整定价策略，用户快速增长，短期利润端预计将受到一定影响，长期有望带动用户数及份额的持续稳健提升，看好公司经营韧性以及自有产品占比提升和经营提效驱动下的盈利增长潜力。
该行指，24H2公司低价策略下专注用户增长，业务部门针对毛利率的KPI有所弱化，同时受上游价格谈判窗口期影响成本无法伴随定价下调等幅下降，预计毛利率环比将有所下降，预计2025年加强向上游议价有望带动毛利率改善。长期来看，途虎自有产品结构占比仍有提升空间，同时公司作为行业头部渠道商有望持续增强议价能力，盈利水平有望持续改善
该行续指，展望2025年，预计宏观向好及用户增长策略持续下，用户有望维持较快增长，同时伴随门店表现边际改善预计客单价降幅将逐步收窄，以及2024年对门店加单整治带来的单量下降影响将同比消除，预计收入端将维持稳健增长。预计2024-2026年Non-gaap归母净利润为6/8/10亿元，维持“强烈推荐”评级。
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