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需求回暖加回购护盘,德银天下(02418)食正东风蓄力反弹

香港智远权证网2026年5月26日 00:00
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文章来源:香港经济通

最新行业数据显示,2026年4月国内重卡销量突破12.2万辆,同比大增39%,创下近五年同期新高;今年前四个月累计销量增幅达25%。这轮增长得益于基建工程集中开工、老旧车辆置换加速以及物流景气度回升,推动行业复苏。作为陕汽集团旗下唯一港股上市服务平台,德银天下(02418)深耕商用车全产业链增值服务,依托重卡行业复苏风口与自身新能源业务升级,叠加公司持续回购护盘,基本面与资金面形成双重利好,中长期投资价值凸显,值得投资者重点关注。

营收结构持续优化,分红落地彰显经营底气

德银天下2025年年报显示,全年实现营业收入27.62亿元人民币,同比增长5.1%。其中,车联网及数据服务收入同比增长17.9%,增长势头亮眼。公司同步宣派末期股息每10股人民币0.3147元(含税),说明公司现金流稳健,且愿意与股东分享成果。

更值得关注的,是隐藏在数据背后的业务蜕变。2025年,公司围绕「数据驱动、业务赋能」主线,对车联网及数据服务板块进行系统重构。面向物流客户的「智慧物流」平台和面向经销商的「数智营销」平台,均已服务超100家企业,成功将技术能力转化为商业价值。截至去年底,公司车联网平台入网重卡达126万辆,天行健车联网更入选陕西省专精特新「小巨人」企业,技术壁垒持续加固。

新能源闭环与出海,打开成长天花板

德银天下的看点不止于传统业务复苏。在新能源重卡领域,公司以TaaS运力即服务为核心,构建「运力平台+电池资产管理+充换电网络+全链条服务」的闭环体系。这一定位使其从单一服务商转变为运力生态的组织者,客户粘性与价值量均有质的飞跃。

同时,公司海外战略在2025年实现「从0到1」的突破:与永青集团在印尼开展数智化物流合作,旗下上海远行近期亦获得出口业务资质。随着「一带一路」沿线基建与物流需求释放,德银天下的「销售+金融+本地化服务」出海模式,有望成为新的增长引擎。

回购显信心,静待估值修复

在基本面稳步修复的同时,公司资本层面动作释放强烈信心。德银天下近期开启连续股份回购,截至2026年5月20日,今年以来公司合计回购2,903.81万股,累计回购金额约1.1亿港元。常态化回购操作充分体现管理层认可公司当前估值底部,彰显对企业未来发展的信心,同时有效稳定二级市场股价,提振市场资金情绪。

综合来看,德银天下兼具周期复苏与成长转型双重属性,传统供应链服务业务底盘扎实,新能源运力服务业务高速增长,叠加核心股东陕汽集团的全方位产业赋能、公司回购托底股价,基本面边际改善趋势明确。随着重卡行业景气度持续上行,公司新能源业务持续放量,后续业绩有望迎来拐点式修复。

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