核心观点无人车催化处于低迷状态的板块6月大涨,估值终于在底部小幅反弹。件量增速2年后降回20%,总部头尾部价格策略明显分化,毛利率继续不同程度下降,派费和单票现金流成竞争关键。价格战进程取决于全链条成本降本空间与全链条利润重新切分(企业无法决定最终市场博弈的价格,但可以决定总部自身成本下降空间,以及如何与加盟商进行压力分摊),以及行业2025年件量规模增速水平(伴随反内卷政策推广,一方面助益单票...
Source Link核心观点无人车催化处于低迷状态的板块6月大涨,估值终于在底部小幅反弹。件量增速2年后降回20%,总部头尾部价格策略明显分化,毛利率继续不同程度下降,派费和单票现金流成竞争关键。价格战进程取决于全链条成本降本空间与全链条利润重新切分(企业无法决定最终市场博弈的价格,但可以决定总部自身成本下降空间,以及如何与加盟商进行压力分摊),以及行业2025年件量规模增速水平(伴随反内卷政策推广,一方面助益单票...
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