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Truist表示，CarMax第四季度业绩符合预期，降价提振销量但影响利润。

-- Truist Securities周二在一份报告中指出，CarMax（KMX）第四财季业绩符合预期，表明该公司可以通过更积极的定价策略推动销量增长，但代价是毛利润下降。同时，由于第一季度年初的基数较高，同店销售额有所下滑。 该公司转向更具竞争力的定价策略，主要通过降低每辆车的售价（GPU）来实现，这有助于提升第四季度二手车同店销售额。然而，这也导致毛利润下降。该公司计划在2026年和2027年继续降低每辆车的售价，预计第一季度售价将进一步下降，因为其售价已接近历史最高水平。 CarMax还将年度销售、一般及行政成本削减目标从1.5亿美元提高到近2亿美元，但预计这一目标将被更高的薪酬支出基本抵消。 Truist指出，在提升客户体验的同时降低成本可能具有挑战性，预计2026年年度销售、管理及行政费用将持平或略有下降，而随着同业拆借费用恢复正常，2027年将出现更大幅度的下降。 该券商表示，已将2026年和2027年的每股收益预期分别从3.10美元和3.50美元下调至2.45美元和3.25美元。 Truist维持对CarMax的“持有”评级，目标价为37美元。 该公司股价周二下跌超过16%。

Price: $40.84, Change: $-8.24, Percent Change: -16.79%

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