金吾财讯 | 交银国际研报指，途虎(09690)2024年业绩符合此前预期，价格力战略投入带动用户数及订单量快速增长，预计2025年收入加速增长。下半年毛利润率虽短期下降，预计2025年通过更有利的采购议价以及自控品牌收入贡献提升，毛利润率稳中有升。运营费率仍有较大的收缩空间，通过更有效的仓配落地升级、自动化布局以及运营杠杆效应，预计利润率保持提升的趋势。预计门店数量保持近千家的增长速度，下沉市场贡献超过一半的增量，高线城市继续进行布局调优。该行微调预测，基于行业估值中枢上调，目标价从18港元上调至21港元，对应2025年20倍市盈率，维持买入评级。
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