途虎-W(09690)规模效应持续增强＃，盈利能力稳步提升，回购股份展示信心

兴业证券04-03

规模效应持续增强，盈利能力稳步提升。2023年，途虎实现销售收入136.01亿元，同比增长17.8%；实现毛利33.59亿元，同比增长48.0%；毛利率达到24.7%，同比提升5个百分点。分业务类型来看，轮胎和底盘零部件业务收入同比增长20.9%，毛利率同比提升3.3个百分点至17.4%；汽车保养业务收入同比增长22.5%，毛利率同比提升2.8个百分点至32.4%。公司运营费用持续摊薄，2023年...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2424285320?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-04-03 11:17","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2424285320","market":"hk","top_or_hot":-1,"title":"途虎-W(09690)规模效应持续增强＃，盈利能力稳步提升，回购股份展示信心","media":"兴业证券","content":"<div>\n<p>规模效应持续增强，盈利能力稳步提升。2023年，途虎实现销售收入136.01亿元，同比增长17.8%；实现毛利33.59亿元，同比增长48.0%；毛利率达到24.7%，同比提升5个百分点。分业务类型来看，轮胎和底盘零部件业务收入同比增长20.9%，毛利率同比提升3.3个百分点至17.4%；汽车保养业务收入同比增长22.5%，毛利率同比提升2.8个百分点至32.4%。公司运营费用持续摊薄，2023年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404031200358aebae78&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>途虎-W(09690)规模效应持续增强＃，盈利能力稳步提升，回购股份展示信心</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n途虎-W(09690)规模效应持续增强＃，盈利能力稳步提升，回购股份展示信心\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-03 11:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404031200358aebae78&s=b><strong>兴业证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>规模效应持续增强，盈利能力稳步提升。2023年，途虎实现销售收入136.01亿元，同比增长17.8%；实现毛利33.59亿元，同比增长48.0%；毛利率达到24.7%，同比提升5个百分点。分业务类型来看，轮胎和底盘零部件业务收入同比增长20.9%，毛利率同比提升3.3个百分点至17.4%；汽车保养业务收入同比增长22.5%，毛利率同比提升2.8个百分点至32.4%。公司运营费用持续摊薄，2023年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404031200358aebae78&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09690","symbol_name":"途虎-W","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404031200358aebae78&s=b","article_id":"2424285320","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404031200358aebae78&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2424285320","pubTimestamp":1712114237,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2023年，途虎实现销售收入136.01亿元，同比增长17.8%；实现毛利33.59亿元，同比增长48.0%；毛利率达到24.7%，同比提升5个百分点。分业务类型来看，轮胎和底盘零部件业务收入同比增长20.9%，毛利率同比提升3.3个百分点至17.4%；汽车保养业务收入同比增长22.5%，毛利率同比提升2.8个百分点至32.4%。综合来看，伴随着规模化效应增强、盈利能力稳步提升，公司2023全年实现经调整净利润4.8亿元。门店网络及用户规模持续扩张，支撑未来业绩稳健增长。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"09690":"途虎-W","BK1158":"综合支持服务"},"translate_title":"The scale effect of Tuhu-W (09690) continued to increase #, the profitability increased steadily, and the repurchase of shares showed confidence","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09690":1},"content_text":"规模效应持续增强，盈利能力稳步提升。2023年，途虎实现销售收入136.01亿元，同比增长17.8%；实现毛利33.59亿元，同比增长48.0%；毛利率达到24.7%，同比提升5个百分点。分业务类型来看，轮胎和底盘零部件业务收入同比增长20.9%，毛利率同比提升3.3个百分点至17.4%；汽车保养业务收入同比增长22.5%，毛利率同比提升2.8个百分点至32.4%。公司运营费用持续摊薄，2023年的总运营开支占总收入24.4%，较上年度减少3.2个百分点。综合来看，伴随着规模化效应增强、盈利能力稳步提升，公司2023全年实现经调整净利润（非国际财务报告准则计量）4.8亿元。门店网络及用户规模持续扩张，支撑未来业绩稳健增长。截至2023年末，公司拥有途虎工厂店5909家，同比增加1256家，其中自营店同比减少10家至152家，加盟店同比增加1266家至5757家。用户规模方面，公司交易用户同比增长16.9%至1930万人，注册用户同比增长20.7%至1.15亿人。我们认为，公司门店网络及用户规模的快速扩张有望支撑未来收入稳健提升及规模效应持续增强。宣布不超过10亿港币回购计划，彰显对未来业务前景充满信心。3月15日，途虎宣布，董事会于2024年3月14日决议不时在公开市场购回总金额不超过10亿港元的本公司A类普通股。董事会认为，股分购回可展示公司对自身业务展望及前景充满信心、为公司带来裨益及为股东创造价值，且公司现有财务资源足以支持股分购回同时维持稳健的财务状况。投资建议：上调至“买入”评级。途虎养车是中国最大的 线上线下 一体化汽车服务供应商，在门店网络与用户数量上较同行有领先地位。公司门店网络易于复制快速扩张，持续拓展新业务新品类，规模效应显著。我们预计2024-2026年公司有望分别实现销售收入160.40/188.70/217.45亿元，分别实现归母净利润6.17/11.48/17.32亿元。我们认为公司当前估值具备性价比，给予“买入”评级。风险提示：行业竞争加剧、电动车保有量提升快于预期、业务品类拓展不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2424285320"}