<p>CarMax NYSE: KMX 在 2204 年面臨挑戰，但在艱難時期表現良好，銷售的汽車數量超出預期，並保持了穩健的利潤率。該公司並未蓬勃發展，但正在增長，併為經濟逆風減輕時建立槓桿。</p>
<p>在此期間，該公司可以執行其計劃，同時回購股票，回購規模相當可觀。第三季度的回購活動超過了 1.14 億美元，年同比減少了 2.2% 的股份。</p>
<p>由於第三季度的利潤率強勁以及當前授權下剩餘的 20.4 億美元，CarMax 的股票回購預計將繼續。關於業務，二手車的需求穩健，預計隨着利率下降將進一步改善。唯一的壞消息是，利率下降的速度低於美聯儲最初的預期，可能需要幾個季度才能顯著改善收入增長。</p>
<h2><strong>CarMax 在第三季度表現優異，股價大幅上漲</strong></h2>
<p>儘管二手車的實際價格下降，CarMax 在第三季度仍然取得了良好的業績。關鍵細節是需求依然穩健，網絡整體銷量增長了 5.8%，所有細分市場均取得了積極的結果，首席執行官 William Nash 表示市場正在穩定。第三季度的業績包括淨銷售額 62.2 億美元，同比增長 1.1%，比預期高出 280 個基點。零售單位銷量增長了 5.4%，批發增長了 6.3%，但平均價格分別下降了 3.9% 和 5.7%。銷售受到單位購買量增長 7.9% 的支撐，數字渠道的增長也幫助了這一點，增長了 15%。</p>
<p>利潤率的消息是報告中最好的。儘管平均售價下降，該公司通過控制成本擴大了毛利率。毛利率的增長部分被 SG&amp;A 增加 20 個基點所抵消，但僅部分抵消。最終結果是淨利潤率提高了 70 個基點，底線實現了槓桿效應。淨收益為 1.254 億美元，比去年增長超過 50%，調整後的每股收益為 0.81 美元，比 MarketBeat 報告的共識預期高出 0.20 美元，同比增長 56%。</p>
<p>CarMax 沒有給出指導，但顯示出強勁的表現，並比預期更早恢復增長。分析師對第四季度的共識數據預測季節性環比下降，但預計同比收入增長 3%，可能過於保守。在這種情況下，投資者可能會期待分析師提高對該季度、年度和明年的預期，為市場提供助力。</p>
<h2><strong>CarMax 在第三季度為投資者創造價值</strong></h2>
<p>CarMax 第三季度的資產負債表亮點顯示其正在為投資者創造價值。具體細節包括與現金餘額相關的流動資產減少，但由於應收賬款和資產增加，總資產上升，長期債務和總負債下降。結果是股本增加了 2.75%，槓桿率較低，使公司處於穩健的財務狀況。公司的淨債務槓桿僅為 0.25 倍股本。</p>
<p>然而，投資 CarMax 並非沒有風險。做空者對這隻股票感興趣，並且有理由這樣做。二手車市場比預期強勁，但仍在掙扎，利率降低的影響可能已經被考慮在內。報告前的空頭頭寸超過 10%，雖然並不算特別高，但足以對股價形成壓力。</p>
<p>發佈後的價格走勢包括開盤時的價格飆升，但隨後的活動表明做空者正在利用這一上漲。市場形成了一個大型的看跌蠟燭，並在已建立的交易區間頂部顯示出顯著的阻力。好的一面是，市場尚未跌破短期移動平均線的關鍵支撐，未來幾周或幾個月可能會維持向上的勢頭。</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>
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<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>你現在應該投資 1000 美元在 CarMax 嗎？</h2>
<p>在考慮 CarMax 之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦，現在就買入，以便在更廣泛的市場注意到之前……而 CarMax 並不在名單上。</p>
<p>雖然 CarMax 目前在分析師中被評為 “持有”，但頂級分析師認為這五隻股票更值得投資。</p>
<p>在這裏查看這五隻股票</p>

車美仕

<p>Carmax 報告了強勁的第三季度，超出了汽車銷售預期，併產生了穩健的現金流。儘管在 2024 年面臨逆風，公司仍在增長並執行股票回購，年度減少了 2.2% 的股份。第三季度淨銷售額達到 32.2 億美元，同比增長 1.1%，淨利潤率改善了 70 個基點。然而，由於高空頭頭寸和潛在的市場阻力，風險依然存在。分析師目前將 CarMax 評級為 “持有”，預計隨着利率下降，收入增長將有所改善</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 年面臨挑戰，但在艱難時期表現良好，銷售的汽車數量超出預期，並保持了穩健的利潤率。該公司並未蓬勃發展，但正在增長，併為經濟逆風減輕時建立槓桿。</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>在此期間，該公司可以執行其計劃，同時回購股票，回購規模相當可觀。第三季度的回購活動超過了 1.14 億美元，年同比減少了 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>由於第三季度的利潤率強勁以及當前授權下剩餘的 20.4 億美元，CarMax 的股票回購預計將繼續。關於業務，二手車的需求穩健，預計隨着利率下降將進一步改善。唯一的壞消息是，利率下降的速度低於美聯儲最初的預期，可能需要幾個季度才能顯著改善收入增長。</p>
</div><h2><strong>CarMax Outperforms in Q3, and Its Share Price Surges Higher</strong></h2>
<div class="lb-trans"><h2><strong>CarMax 在第三季度表現優異，股價大幅上漲</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>儘管二手車的實際價格下降，CarMax 在第三季度仍然取得了良好的業績。關鍵細節是需求依然穩健，網絡整體銷量增長了 5.8%，所有細分市場均取得了積極的結果，首席執行官 William Nash 表示市場正在穩定。第三季度的業績包括淨銷售額 62.2 億美元，同比增長 1.1%，比預期高出 280 個基點。零售單位銷量增長了 5.4%，批發增長了 6.3%，但平均價格分別下降了 3.9% 和 5.7%。銷售受到單位購買量增長 7.9% 的支撐，數字渠道的增長也幫助了這一點，增長了 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>利潤率的消息是報告中最好的。儘管平均售價下降，該公司通過控制成本擴大了毛利率。毛利率的增長部分被 SG&amp;A 增加 20 個基點所抵消，但僅部分抵消。最終結果是淨利潤率提高了 70 個基點，底線實現了槓桿效應。淨收益為 1.254 億美元，比去年增長超過 50%，調整後的每股收益為 0.81 美元，比 MarketBeat 報告的共識預期高出 0.20 美元，同比增長 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 沒有給出指導，但顯示出強勁的表現，並比預期更早恢復增長。分析師對第四季度的共識數據預測季節性環比下降，但預計同比收入增長 3%，可能過於保守。在這種情況下，投資者可能會期待分析師提高對該季度、年度和明年的預期，為市場提供助力。</p>
</div><h2><strong>Carmax Builds Value for Investors in Q3</strong></h2>
<div class="lb-trans"><h2><strong>CarMax 在第三季度為投資者創造價值</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 第三季度的資產負債表亮點顯示其正在為投資者創造價值。具體細節包括與現金餘額相關的流動資產減少，但由於應收賬款和資產增加，總資產上升，長期債務和總負債下降。結果是股本增加了 2.75%，槓桿率較低，使公司處於穩健的財務狀況。公司的淨債務槓桿僅為 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，投資 CarMax 並非沒有風險。做空者對這隻股票感興趣，並且有理由這樣做。二手車市場比預期強勁，但仍在掙扎，利率降低的影響可能已經被考慮在內。報告前的空頭頭寸超過 10%，雖然並不算特別高，但足以對股價形成壓力。</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>發佈後的價格走勢包括開盤時的價格飆升，但隨後的活動表明做空者正在利用這一上漲。市場形成了一個大型的看跌蠟燭，並在已建立的交易區間頂部顯示出顯著的阻力。好的一面是，市場尚未跌破短期移動平均線的關鍵支撐，未來幾周或幾個月可能會維持向上的勢頭。</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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<h2>Should you invest $1,000 in CarMax right now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1000 美元在 CarMax 嗎？</h2>
</div><p>Before you consider CarMax, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮 CarMax 之前，你需要聽聽這個。</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 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦，現在就買入，以便在更廣泛的市場注意到之前……而 CarMax 並不在名單上。</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>雖然 CarMax 目前在分析師中被評為 “持有”，但頂級分析師認為這五隻股票更值得投資。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

車美仕啓動：現在是購買的好時機嗎？