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无惧自动驾驶竞争威胁 投资者押注优步(UBER.US)短期内仍有上涨空间
Zhi Tong Cai Jing· 2025-07-08 13:35
Core Viewpoint - Uber's stock price has increased over 60% this year, reaching record levels, largely due to partnerships with autonomous driving companies like Waymo and expansion into new markets [1][4]. Group 1: Financial Performance and Projections - Uber's revenue growth is expected to increase by 15% by 2025, driven by investments in core ride-hailing and delivery services [4]. - Analysts estimate that Uber drivers' income in the U.S. will be approximately $42 billion this year, with total tips projected to reach $5.7 billion, which could provide a tax savings of about $1 billion for drivers [5][6]. Group 2: Market Position and Competition - Uber has established partnerships with over ten global automotive manufacturers and technology developers, enhancing its market reach [4]. - Concerns remain regarding the long-term risks posed by autonomous taxi services from competitors like Waymo and Tesla, which have begun testing similar services independently [4][5]. Group 3: Analyst Opinions - Some analysts express skepticism about Uber's future growth trajectory despite its strong market position, while others praise its strategy of collaborating with autonomous driving competitors [4][5]. - Bank of America has upgraded Uber's rating to "buy" and raised its target price to $115, citing positive growth data and stable pricing in the ride-hailing market [6].
小摩:业绩持续向好、自动驾驶业务进展显著 上调优步(UBER.US)目标价至92美元
智通财经网· 2025-05-09 10:44
智通财经APP获悉,摩根大通发布研报,维持优步(UBER.US)"增持"评级,目标价从80美元上调至92美 元。该行指出,优步在经历连续六个季度20%以上的增长后,2025年第一季度总预订额增速虽有所放 缓,但整体业务表现依然强劲,并且在自动驾驶领域取得了积极进展。 其中,与谷歌(GOOGL.US)旗下Waymo在奥斯汀的合作规模不断扩大,车辆数量在约两个月内增加到约 100辆,预计未来几个月将增至数百辆。值得关注的是,优步在奥斯汀市场的Waymo车辆利用率高于旧 金山市场的约24次/车/天的水平,这表明Waymo及其他自动驾驶服务商在优步平台上的渗透率将随时间 逐步提升。 优步和Waymo还将于今年初夏在亚特兰大共同推出服务,预计市场规模将逐步扩大。Waymo计划在明 年新增2000多辆商用车辆,部分将投入迈阿密(及可能的华盛顿特区)等新市场,部分用于补充凤凰城和 旧金山等现有市场的车队,其余则用于与优步合作的业务拓展。 总体而言,优步平台上的网约车和配送自动驾驶订单年化运行率已达到150万次。摩根大通认为,优步 将在自动驾驶生态系统中扮演重要角色,其积极拓展合作和投资构建应用场景的举措令人鼓舞。 自动驾驶 ...
美团反转
虎嗅APP· 2025-03-24 23:55
Core Viewpoint - Meituan's revenue for 2024 is projected at 337.6 billion RMB, with a year-on-year growth of 22%, and a net profit of 35.8 billion RMB, reflecting a significant increase of 158.4% [1]. Revenue Structure - Meituan's revenue is categorized into four types: delivery services, technology service fees (commissions), online marketing (advertising), and other services and sales [3]. - In 2022, the core local business generated 1,607.6 billion RMB, accounting for 73.1% of total revenue, while new businesses contributed 592 billion RMB, or 26.9% [6]. - By 2024, the core local business revenue is expected to reach 2,502.5 billion RMB, maintaining a stable proportion of around 74% [6][9]. Delivery Service Analysis - The delivery service segment has been operating at a loss, with each delivery costing 0.34 RMB more than the revenue generated in the first half of 2024 [1][14]. - In 2023, the delivery service revenue was 821.9 billion RMB, with associated costs of 907.4 billion RMB, resulting in a gross loss of 85.5 billion RMB [15]. - The average loss per delivery has decreased from 0.97 RMB in 2021 to 0.34 RMB in the first half of 2024, indicating improved efficiency [17]. Business Segmentation - The core local business primarily consists of food delivery and in-store/travel services, with food delivery accounting for approximately 70% of the revenue [11]. - The commission revenue from food delivery is estimated to be around 500 billion RMB, with a commission rate of less than 5% [26]. Profitability and Growth Strategies - Meituan's core local business achieved an operating profit of 38.7 billion RMB in 2023, with a profit margin of 18.7%, and is expected to rise to 52.4 billion RMB in 2024, with a margin of 20.9% [29]. - The company aims to offset delivery losses through increased commission and advertising revenues, which combined reached approximately 900 billion RMB in 2023 [28]. New Business Development - New business segments, including Meituan Youxuan and other services, are experiencing growth, with revenue increasing while operating losses are narrowing from 88% in 2021 to 31% in 2023 [34][37]. - The strategy for new businesses focuses on balancing revenue growth with improving profitability, indicating a cautious approach to expansion [33].