2025-06-12-花旗集团-欧洲互联网_在线分类广告与汽车_追踪趋势（5月）_20页_312kb

报告摘要

Summary of European Internet Online Classifieds & Autos Trends (May 2025)

Auto Trader (AUTO): App active users reached a LTM high of +18% y/y, web traffic grew +15% y/y, but used car supply, particularly cars aged 5-10 years, remains constrained. Citi rates AUTO "Buy."
Rightmove (RMV): App AU growth of +10% y/y outperformed UK peers; however, web traffic trends were challenging. Citi rates RMV "Sell."
Hemnet (HEM): New listing volumes declined -14% y/y due to macroeconomic concerns; average listing duration remains elevated, negatively impacting revenues. Citi rates HEM "Neutral."
Vend: App AU across its platforms grew +22% y/y. Finn (Norway) saw +17% y/y growth, while listings on Blocket and Finn declined in some regions. Citi rates Vend-related companies as "Neutral."
Auto1: Web traffic to Autohero and Auto1.com surged (+25% y/y to Autohero), but web traffic to car-buying sites declined -17% y/y. Unit sales on AH sites slightly increased monthly. Citi does not assign a rating.
Aramis: Web traffic to Carsupermarket (UK) jumped +40% y/y; listings grew +32% y/y. However, traffic in France and Spain was modest. Citi rates Aramis entities as "Neutral" or "Neutral."
Overall Trends: Supply of older used cars is challenging in the UK, affecting AUTO's revenue per ARPR. Citi's investment ratings reflect positive/negative outlooks based on app AU growth, supply-demand dynamics (e.g., UK used car market imbalance), and platform performance. Other regions show varying macro influences, such as Swedish property market caution impacting Hemnet.