交银国际发表报告指，途虎-W(09690.HK) 去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，预计今年收入重回双位数增长。去年下半年毛利润率虽短期下降，预计今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。
报告指，公司营运费率仍有较大的收缩空间，通过更有效的仓配落地升级、自动化布局以及营运杠杆效应，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。微调预测，基于行业估值中枢上调，目标价从18元上调至21元，维持“买入”评级。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-24 12:25。)
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