西牛證券：首次覆蓋網上車市(1490.HK)給予買入評級，目標價1.25港元
格隆匯7月23日丨西牛證券7月22日發佈《網上車市(1490.HK)：探索新的盈利方式》報吿，首次覆蓋給予買入評級，目標價1.25港元。
重點摘要如下：
2021年7月，網上車市(1490.HK)提出採用新名稱車市科技，這對集團來説是一個非常正要的里程碑，意味着網上車市的一個新時代。網上車市是國內領先的汽車垂直化科技平台，2021年開始為製造商、分銷商和行業參與者提供SaaS服務，產品包括“車市寶”，“好賣車”和雲服務系統。
SaaS業務探索：公司於2021年開始為製造商、分銷商和行業參與者提供SaaS服務。“車市寶” 是公司首個商業化SaaS服務平台，相信未來將成為集團另一個業務增長點。“好賣車”是對汽車廠商等現有客户的額外服務，為企業提供數字化科技賦能。
業績快速復甦：自2020年第二季度以來，中國疫情得到了很好的控制。根據Questmobile的數據，2020年第二季度，與汽車相關的在線廣吿支出同比增長9.6%，而2020年第一季度同比下降4.4%，甚至在2020年第三季度和第四季度分別反彈至13.3%和23.1%。
公司在2020年下半年銷量同比增21.4%，2021年第一季度銷量同比增41.2%，相信疫情好轉以及銷售正常化將繼續為集團帶來更好的業績。
首次覆蓋網上車市(1490.HK)給予“買入”評級，目標價為1.25港元，意味着2021/2022/2023年預期市盈率為14.8倍/11.1倍/9.6倍。
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