2023-2024中国领先的汽车金融交易平台电动车&二手车双引擎驱动报告.pdf
2023-2024&21 2 340+31000+3 4 2022 2024 55.06 68.26 81.64 58%24%20%7.41 10.03 11.62 171%35%16%EPS 0.11 0.15 0.18 2023 1 4 1.05/PE 8 6 5 2021A 2022E 2023E 2024E 3494 5506 6826 8164(+/-)(%)5%58%24%20%273 741 1003 1162(+/-)(%)134%171%35%16%0.04 0.11 0.15 0.18 P/E25.67 8.15 6.02 5.19 2022 2024 55.06 68.26 81.64 58%24%20%7.41 10.03 11.62 171%35%16%EPS 0.11 0.15 0.18 2023 1 4 1.05/PE 8 6 5 41 2 3 4 C O N T E N T S 010203 504 01Partone6 95%2500 017 2014 2017 2015 1 3 300 2500 340 36000 1 018 53.89%16.13%CEO CEO 15 2 1H22 019 2017-2020 2018 2017 1%1H22 62%3 4 10%29%35%56%62%25%4%1%5%10%12%68%74%65%59%33%23%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022H1贷款促成服务 SaaS服务 其他平台服务 融资租赁服务 其他自营服务 0110 2018 2017 424 2018 5.39 2020 2017-2021 CAGR 363%2019-2022 H1 2017-2021 2022 H1 5 6-20.95%130.85%-23.89%71.96%131.50%62.17%-15.32%-50.84%-39.98%-4.75%-100%-50%0%50%100%150%01020304050602017 2018 2019 2020 2021 2022H1(78%66%59%54%49%55%49%41%43%42%54%58%0%10%20%30%40%50%60%70%80%90%2017 2018 2019 2020 2021 2022H1 0111 2020-2021 2020 2021 2021-2022 H1 2022 26.6 17%250 37%2022 90 2.18%1.94%2020 2021 7 2017-1H22 8 2017-1H22 162%42%5%-43%5%73%366%-26%27%358%-100%-50%0%50%100%150%200%250%300%350%400%-20-100102030405060702017 2018 2019 2020 2021 2022H1-30%-20%-10%0%10%20%30%40%50%60%70%2017 2018 2019 2020 2021 2022H1 02Partone12 0213 2018 2021 2022 2022 5 31 2022 6 1 2022 12 31 30 2.0 10%5%2022 1963 1947 7.4%4.4%2022 2680 2%2025 3000 9 2012-2025E 1 2018-2022 2018 5 139 79 2019 3 16%13%2020 4(1)2022 2020-2022(2)100(3)2021 1 2022 5 2022 6 1 2022 12 31 30 2.0-10%-5%0%5%10%15%20%05001000150020002500300035002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E2025E)YoY 0214 2021 352 157%13.4%2022 266.1 260 120%21.6%2025 1000 2022-2025 CAGR 18.56%2022 10 2012-2025E 2 2022 2 2022 4 2022 5 2022-50%0%50%100%150%200%250%300%350%400%02004006008001,0001,2002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 2025E YoY 0215 2022 H1 1.2 135%172%11.86 6 15%2022 107.3%174%12,000 225%13 1 2021 2022 H1 30%2 2022 5 3 3 2022 H1 2022 H1 2021 H1 116 108.90-24%-16%154 129.87 12 11.86 135%172%5 4.36 0216 4S 4S 4S 1 2 4S 3 4S 300+5-10 2021 31000 340 1015 4000 510 4S 15 54%11 2021 30,15%03Partone17 0318 5%2016-2021 CAGR 11%2020 3410 57%2022 5 31 2022 7 17 12 13 2012-2022H1-10%0%10%20%30%40%50%60%02004006008001000120014001600180020002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022H1 YoY 0%2%4%6%8%10%12%14%16%0.000.501.001.502.002.503.003.502012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022H1 0319 2021 9000 2020 200%2021 80%23.7 2022 H1 15 102%141 170%2021 H1 2021 2022 H1 32%45%56%14 80 4 2022 H1 2022 H1 2021 H1 150 141.32 102%170%74 52.36 0320 2021 15 2021 0321 2021 9 56 53 90%3 50%16 2014-2021 4.09%4.98%7.63%7.90%8.18%8.19%9.40%8.63%-20%-10%0%10%20%30%40%50%60%0%1%2%3%4%5%6%7%8%9%10%2014 2015 2016 2017 2018 2019 2020 2021 04Partone22&0423 80%2018 2026 5 18%2021 9000 2020 200%2022 22 21 22 90.00%23 24 18%23-24 25.00%20.00%2022-2024 90.00%25.00%20.00%2022 76.48%22-24 79.43%80.09%80.36%LPR 4 2022 7 7 17 1H22 55%2022-2024 55%/56%/56%2018 2022 22 5.00%2023-2024 2023-2024 20.00%18.00%2022-2024-5.00%20.00%18.00%2022 H1 60 5.6%1H22 58%2022 56%2023-2024 56%/57%/58%22-24 55.21%/56.20%/56.00%&0424 5&2017 2018 2019 2020 2021 2022H1 2022E 2023E 2024E 9.64 7.62 17.59 13.39 23.02 18.76 43.74 54.67 65.61-20.95%130.84%-23.88%71.99%131.54%90.00%25.00%20.00%29.42 47.71 40.40 19.86 11.92 5.77 11.32 13.59 16.03 62.17%-15.32%-50.84%-39.98%-4.81%-5.00%20.00%18.00%39.06 55.33 57.99 33.25 34.94 24.52 55.06 68.26 81.64 41.65%4.81%-42.66%5.08%73.31%57.59%23.97%19.60%56.07%44.75%47.70%46.80%50.89%55.35%55.21%56.20%56.00%0425 2022-2024 24.00%25.00%25.50%2022-2024 10%SaaS 2022-2024 4%6 2019 2020 2021 1H22 2022E 2023E 2024E 18.31%25.69%38.87%24.85%24.00%25.00%25.50%8.72%13.20%11.38%9.41%10.00%10.00%10.00%3.37%4.52%4.19%3.81%4.00%4.00%4.00%0426 2022 2024 55.06 68.26 81.64 58%24%20%7.41 10.03 11.62 171%35%16%EPS 0.11 0.15 0.18 ESR 2022-2024 PE 12 10 9 CAGR 15.48%2022-2024 PE 8 6 5 CAGR 25.23%PE 7 2023 1 4 EPS PE2021-2024 年CAGR HKD 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 3360.HK 6.24 1.25 1.43 1.64 1.92 4 4 3 3 15.68%ESR 1821.HK 17.22 0.11 0.16 0.18 0.2 29 14 12 11 12.78%6069.HK 6.09 0.43 0.3 0.36 0.42 15 18 15 13 17.99%16 12 10 9 15.48%2858.HK 1.05 0.04 0.11 0.15 0.18 26 8 6 5 25.23%0427-0428 2021A 2022E 2023E 2024E 14,897 18,875 20,880 22,830 3,052 7,737 11,041 13,680 1,890 2,515 2,036 2,151 0 0.00 0.00 0.00 9,956 8,623 7,803 6,999 12,640 11,189 10,938 11,177 454 415 378 344 1,395 1,188 978 777 10,791 9,586 9,582 10,056 27,537 30,064 31,818 34,007 8,363 8,949 9,695 10,713 5,955 5,812 5,668 5,525 538 761 901 1,277 1,870 2,377 3,126 3,911 4,532 5,732 5,737 5,747 3,467 4,667 4,672 4,682 1,065 1,065 1,065 1,065 12,895 14,681 15,432 16,460 4 4 4 4 14,497 15,238 16,241 17,403 14,642 15,383 16,386 17,548 0 0 0 0 14,642 15,383 16,386 17,548 27,537 30,064 31,818 34,007 2021A 2022E 2023E 2024E 3,494 5,506 6,826 8,164 11 5 5 5 1,716 2,466 2,990 3,592 1,358 1,321 1,707 2,082 398 551 683 816 146 220 273 327 3 133 69 16 84 1,061 1,352 1,561 55 321 350 399 29 741 1,003 1,162 0 0 0 0 273 741 1,003 1,162 EBIT(113)952 1,179 1,352 EBITDA 283 1,041 1,255 1,416 EPS 0.04 0.11 0.15 0.18 2021A 2022E 2023E 2024E 1,460 242 1,248 1,070 273 741 1,003 1,162 0 0 0 0 396 89 76 64 791(588)169(155)63 3,566 2,379 1,885(15)157 171 171 78 3,409 2,208 1,713(1,169)878(323)(316)(725)1,056(139)(134)2 0 0 0 0(179)(185)(182)(446)0 0 0 340 4,685 3,304 2,639 2021A 2022E 2023E 2024E 5.09%57.57%23.97%19.60%134.13%171.35%35.35%15.90%50.89%55.21%56.20%56.00%0.83%13.45%14.69%14.23%ROE 1.86%4.82%6.12%6.62%ROIC-0.16%2.57%3.27%3.63%46.83%48.83%48.50%48.40%43.51%17.82%-4.27%-19.79%1.78 2.11 2.15 2.13 1.49 1.86 1.87 1.83 0.13 0.19 0.22 0.25 2.22 2.50 3.00 3.90 4.01 3.80 3.60 3.30 0.04 0.11 0.15 0.18 0.22 0.04 0.19 0.16 2.25 2.36 2.51 2.69 P/E 25.67 8.15 6.02 5.19 P/B 0.48 0.39 0.37 0.34 EV/EBITDA 47.34 8.43 4.25 1.81
