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瑞信:料更多積極信號支撐穩定復甦 升汽車之家(ATHM.US) 評級至“跑贏大盤“ 上調目標價至33.4美元
格隆匯2月25日丨瑞信於2月25日汽車之家發佈四季度業績後發佈研報,上調公司評級至“跑贏大盤”,目標價由32美元上調4.38%至33.4美元。 該行指,汽車之家四季業績符合市場預期,營收同比下跌32%至17億元人民幣,其中創新業務表現超出預期,受益於新能源收入強好勢頭帶動 ,同比大增128%,彌補了媒體業務的下滑。 而營運利潤利潤率較去年水平略有下跌,主要受經營槓桿、天天拍拖累,以及加大內容和用戶投資導致的營銷費用上升。 該行相信,隨着車市逐步回升、市場份額分化減慢(懂車帝自四季度以來流量增速顯著放慢),預期汽車之家的營收會在2022年改善,提升2022-23財年EPS 7%/6%。

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