GRAB：聚焦增长投入长期弹性可期

华泰证券2025-02-27

Grab4Q24 按需服务GMV 超VA 市场一致预期（下简称预期）1.3%，收入基本符合预期，调整后EBITDA 利润率超预期0.2pct，净利润1100 万美元，市场预期盈利200 万美元。公司4Q 业绩GMV 与调整后EBITDA 均超预期，但25 年全年调整后EBITDA 指引中值略低于预期7.5%，主因短期内投放加大，利润释放节奏有所放缓。但我们认为东南亚本地生活市场渗透红利与平台多边...

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年较前值分别-17%/-6%），主要考虑到公司25 年利润端指引略低于预期，基于25 年35 倍的EV/EBITDA 给予Grab 目标价5.5 美元（前值：5.05 美元，基于SOTP 估值），“买入”。风险提示：用户渗透率提升不及预期，宏观环境波动。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"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; 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GRAB：聚焦增长投入 长期弹性可期

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GRAB：聚焦增长投入长期弹性可期