<p>CarMax NYSE: KMX 在 2204 年面临挑战，但在艰难时期表现良好，销售的汽车数量超出预期，并保持了稳健的利润率。该公司并未蓬勃发展，但正在增长，并为经济逆风减轻时建立杠杆。</p>
<p>在此期间，该公司可以执行其计划，同时回购股票，回购规模相当可观。第三季度的回购活动超过了 1.14 亿美元，年同比减少了 2.2% 的股份。</p>
<p>由于第三季度的利润率强劲以及当前授权下剩余的 20.4 亿美元，CarMax 的股票回购预计将继续。关于业务，二手车的需求稳健，预计随着利率下降将进一步改善。唯一的坏消息是，利率下降的速度低于美联储最初的预期，可能需要几个季度才能显著改善收入增长。</p>
<h2><strong>CarMax 在第三季度表现优异，股价大幅上涨</strong></h2>
<p>尽管二手车的实际价格下降，CarMax 在第三季度仍然取得了良好的业绩。关键细节是需求依然稳健，网络整体销量增长了 5.8%，所有细分市场均取得了积极的结果，首席执行官 William Nash 表示市场正在稳定。第三季度的业绩包括净销售额 62.2 亿美元，同比增长 1.1%，比预期高出 280 个基点。零售单位销量增长了 5.4%，批发增长了 6.3%，但平均价格分别下降了 3.9% 和 5.7%。销售受到单位购买量增长 7.9% 的支撑，数字渠道的增长也帮助了这一点，增长了 15%。</p>
<p>利润率的消息是报告中最好的。尽管平均售价下降，该公司通过控制成本扩大了毛利率。毛利率的增长部分被 SG&amp;A 增加 20 个基点所抵消，但仅部分抵消。最终结果是净利润率提高了 70 个基点，底线实现了杠杆效应。净收益为 1.254 亿美元，比去年增长超过 50%，调整后的每股收益为 0.81 美元，比 MarketBeat 报告的共识预期高出 0.20 美元，同比增长 56%。</p>
<p>CarMax 没有给出指导，但显示出强劲的表现，并比预期更早恢复增长。分析师对第四季度的共识数据预测季节性环比下降，但预计同比收入增长 3%，可能过于保守。在这种情况下，投资者可能会期待分析师提高对该季度、年度和明年的预期，为市场提供助力。</p>
<h2><strong>CarMax 在第三季度为投资者创造价值</strong></h2>
<p>CarMax 第三季度的资产负债表亮点显示其正在为投资者创造价值。具体细节包括与现金余额相关的流动资产减少，但由于应收账款和资产增加，总资产上升，长期债务和总负债下降。结果是股本增加了 2.75%，杠杆率较低，使公司处于稳健的财务状况。公司的净债务杠杆仅为 0.25 倍股本。</p>
<p>然而，投资 CarMax 并非没有风险。做空者对这只股票感兴趣，并且有理由这样做。二手车市场比预期强劲，但仍在挣扎，利率降低的影响可能已经被考虑在内。报告前的空头头寸超过 10%，虽然并不算特别高，但足以对股价形成压力。</p>
<p>发布后的价格走势包括开盘时的价格飙升，但随后的活动表明做空者正在利用这一上涨。市场形成了一个大型的看跌蜡烛，并在已建立的交易区间顶部显示出显著的阻力。好的一面是，市场尚未跌破短期移动平均线的关键支撑，未来几周或几个月可能会维持向上的势头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20241219095359_chart-kmx-12192024.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20241219095359_chart-kmx-12192024.png"/></p>
<p>→ 特朗普故意推动这款加密货币上涨（来自 Crypto 101 Media）（广告）</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/TriggeredCampaignPixel.ashx/query-UGxhY2VtZW50PU5hdGl2ZURpc3BsYXkmU291cmNlPU5hdGl2ZURpc3BsYXkmVHJpZ2dlcmVkQ2FtcGFpZ25JRD0xMDgwNw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/TriggeredCampaignPixel.ashx/query-UGxhY2VtZW50PU5hdGl2ZURpc3BsYXkmU291cmNlPU5hdGl2ZURpc3BsYXkmVHJpZ2dlcmVkQ2FtcGFpZ25JRD0xMDgwNw"/></p>
<h2>你现在应该投资 1000 美元在 CarMax 吗？</h2>
<p>在考虑 CarMax 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐，现在就买入，以便在更广泛的市场注意到之前……而 CarMax 并不在名单上。</p>
<p>虽然 CarMax 目前在分析师中被评为 “持有”，但顶级分析师认为这五只股票更值得投资。</p>
<p>在这里查看这五只股票</p>

车美仕

<p>Carmax 报告了强劲的第三季度，超出了汽车销售预期，并产生了稳健的现金流。尽管在 2024 年面临逆风，公司仍在增长并执行股票回购，年度减少了 2.2% 的股份。第三季度净销售额达到 32.2 亿美元，同比增长 1.1%，净利润率改善了 70 个基点。然而，由于高空头头寸和潜在的市场阻力，风险依然存在。分析师目前将 CarMax 评级为 “持有”，预计随着利率下降，收入增长将有所改善</p>

<p>CarMax NYSE: KMX has headwinds in 2204 but is navigating difficult times well, selling more cars than expected and sustaining a solid margin. The company isn’t thriving but is growing and building leverage for when economic headwinds ease.</p>
<div class="lb-trans"><p>CarMax NYSE: KMX 在 2204 年面临挑战，但在艰难时期表现良好，销售的汽车数量超出预期，并保持了稳健的利润率。该公司并未蓬勃发展，但正在增长，并为经济逆风减轻时建立杠杆。</p>
</div><p>Between then and now, the company can execute its plans while buying back shares, and the buybacks are significant. Activity in Q3 topped $114 million and reduced the share count by 2.2% year-over-year (YoY).</p>
<div class="lb-trans"><p>在此期间，该公司可以执行其计划，同时回购股票，回购规模相当可观。第三季度的回购活动超过了 1.14 亿美元，年同比减少了 2.2% 的股份。</p>
</div><p>CarMax’s share repurchases are expected to continue because of the margin strength in Q3 and the $2.04 billion left under the current authorization. Regarding the business, demand for used cars is solid and is expected to improve as interest rates fall. The only bad news is that the pace of interest rate reduction is less than first indicated by the Fed, and it may take several more quarters for revenue growth to improve significantly.</p>
<div class="lb-trans"><p>由于第三季度的利润率强劲以及当前授权下剩余的 20.4 亿美元，CarMax 的股票回购预计将继续。关于业务，二手车的需求稳健，预计随着利率下降将进一步改善。唯一的坏消息是，利率下降的速度低于美联储最初的预期，可能需要几个季度才能显著改善收入增长。</p>
</div><h2><strong>CarMax Outperforms in Q3, and Its Share Price Surges Higher</strong></h2>
<div class="lb-trans"><h2><strong>CarMax 在第三季度表现优异，股价大幅上涨</strong></h2>
</div><p>CarMax had a solid quarter in Q3 despite lower realized prices for used cars. The critical details are that demand remains solid, with volume up 5.8% across the network, driven by positive results in all segments, and CEO William Nash says the market is stabilizing. Results from Q3 include $6.22 billion in net sales, up 1.1% compared to last year and 280 basis points better than forecasts. Retail units sold increased by 5.4% and wholesale by 6.3%, offset by a 3.9% and 5.7% decline in average price, respectively. Sales were underpinned by a 7.9% increase in units purchased, aided by a 15% increase in digital channels.</p>
<div class="lb-trans"><p>尽管二手车的实际价格下降，CarMax 在第三季度仍然取得了良好的业绩。关键细节是需求依然稳健，网络整体销量增长了 5.8%，所有细分市场均取得了积极的结果，首席执行官 William Nash 表示市场正在稳定。第三季度的业绩包括净销售额 62.2 亿美元，同比增长 1.1%，比预期高出 280 个基点。零售单位销量增长了 5.4%，批发增长了 6.3%，但平均价格分别下降了 3.9% 和 5.7%。销售受到单位购买量增长 7.9% 的支撑，数字渠道的增长也帮助了这一点，增长了 15%。</p>
</div><p>Margin news is the best in the report. The company widened its gross margin despite the decrease in the average selling price by controlling costs. The gross margin gain is partially offset by a 20 basis point increase in SG&amp;A, but only partially. The net result is a 70 basis point improvement in the net margin for a leveraged gain on the bottom line. The $125.4 million in net earnings is up more than 50% compared to last year, leaving the adjusted EPS at $0.81, $0.20 better than MarketBeat’s reported consensus estimate, and up 56% YoY.</p>
<div class="lb-trans"><p>利润率的消息是报告中最好的。尽管平均售价下降，该公司通过控制成本扩大了毛利率。毛利率的增长部分被 SG&amp;A 增加 20 个基点所抵消，但仅部分抵消。最终结果是净利润率提高了 70 个基点，底线实现了杠杆效应。净收益为 1.254 亿美元，比去年增长超过 50%，调整后的每股收益为 0.81 美元，比 MarketBeat 报告的共识预期高出 0.20 美元，同比增长 56%。</p>
</div><p>Carmax didn’t give guidance but showed strength and reverted to growth sooner than expected. The analysts' consensus figures for Q4, which predict a seasonal sequential decline but a 3% YoY revenue growth, are likely too low. In this scenario, investors may expect analysts to lift their estimates for the quarter, year, and next year and provide a tailwind for the market.</p>
<div class="lb-trans"><p>CarMax 没有给出指导，但显示出强劲的表现，并比预期更早恢复增长。分析师对第四季度的共识数据预测季节性环比下降，但预计同比收入增长 3%，可能过于保守。在这种情况下，投资者可能会期待分析师提高对该季度、年度和明年的预期，为市场提供助力。</p>
</div><h2><strong>Carmax Builds Value for Investors in Q3</strong></h2>
<div class="lb-trans"><h2><strong>CarMax 在第三季度为投资者创造价值</strong></h2>
</div><p>Carmax’s Q3 balance sheet highlights show it is building value for investors. The details include a reduction in current assets tied to its cash balance, but total assets are up on increased receivables and property, and long-term debt and total liability are down. The result is a 2.75% increase in equity and low leverage, leaving the business in a solid financial position. The company’s net-debt leverage is only 0.25x equity.</p>
<div class="lb-trans"><p>CarMax 第三季度的资产负债表亮点显示其正在为投资者创造价值。具体细节包括与现金余额相关的流动资产减少，但由于应收账款和资产增加，总资产上升，长期债务和总负债下降。结果是股本增加了 2.75%，杠杆率较低，使公司处于稳健的财务状况。公司的净债务杠杆仅为 0.25 倍股本。</p>
</div><p>However, investing in Carmax is not without risks. The short-sellers are interested in this stock and have a reason to be. The used car market is stronger than expected but still struggling, and the impact of lower rates may already be factored into the equation. The short interest rate ahead of the report was over 10%, not remarkably high but high enough to create a headwind for stock prices.</p>
<div class="lb-trans"><p>然而，投资 CarMax 并非没有风险。做空者对这只股票感兴趣，并且有理由这样做。二手车市场比预期强劲，但仍在挣扎，利率降低的影响可能已经被考虑在内。报告前的空头头寸超过 10%，虽然并不算特别高，但足以对股价形成压力。</p>
</div><p>The price action following the release includes a price surge at the open, but the subsequent activity suggests that short-sellers are taking advantage of the pop. The market is forming a large bearish candle and showing significant resistance at the top of the established trading range. The silver lining is that the market has not fallen below critical support at the short-term moving average and may sustain upward traction over the next few weeks or months.</p>
<div class="lb-trans"><p>发布后的价格走势包括开盘时的价格飙升，但随后的活动表明做空者正在利用这一上涨。市场形成了一个大型的看跌蜡烛，并在已建立的交易区间顶部显示出显著的阻力。好的一面是，市场尚未跌破短期移动平均线的关键支撑，未来几周或几个月可能会维持向上的势头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20241219095359_chart-kmx-12192024.png" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20241219095359_chart-kmx-12192024.png"/></p>
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<div class="lb-trans"><p>→ 特朗普故意推动这款加密货币上涨（来自 Crypto 101 Media）（广告）</p>
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<h2>Should you invest $1,000 in CarMax right now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 CarMax 吗？</h2>
</div><p>Before you consider CarMax, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 CarMax 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CarMax wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐，现在就买入，以便在更广泛的市场注意到之前……而 CarMax 并不在名单上。</p>
</div><p>While CarMax currently has a &#34;Hold&#34; rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 CarMax 目前在分析师中被评为 “持有”，但顶级分析师认为这五只股票更值得投资。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

车美仕启动：现在是购买的好时机吗？