Financial Performance - For Q1 2024, Autohome reported total net revenue of RMB 1,609.1 million (USD 222.9 million), an increase from RMB 1,533.6 million in Q1 2023, reflecting a year-over-year growth of 4.9%[9] - The net profit attributable to Autohome for Q1 2024 was RMB 394.5 million (USD 54.6 million), slightly down from RMB 405.5 million in Q1 2023, indicating a decrease of 2.5%[16] - Operating profit for Q1 2024 was RMB 276.1 million (USD 38.2 million), up from RMB 263.2 million in Q1 2023, marking a growth of 4.0%[13] - The adjusted net profit for Q1 2024 was RMB 493.9 million (USD 68.4 million), up from RMB 483.5 million in Q1 2023, indicating a growth of 2.8%[9] - Basic and diluted earnings per share for Q1 2024 were RMB 0.78 (USD 0.11), compared to RMB 0.80 in Q1 2023, reflecting a decrease of 2.5%[17] - Adjusted basic and diluted earnings per share for Q1 2024 were RMB 1.02 (USD 0.14), compared to RMB 0.98 in Q1 2023, reflecting a growth of 4.1%[18] - The gross profit for the same period was RMB 1,308,173, reflecting a gross margin of 81.3%[30] - The net profit margin for the three months ended March 31, 2024, was 24.5%, down from 26.4% in 2023[33] - Adjusted EBITDA for the three months ended March 31, 2024, was RMB 555,732, compared to RMB 566,486 in the same period of 2023[33] User Engagement and Growth - Daily active users on the mobile platform reached 69.39 million in March 2024, representing an 8.1% year-over-year increase, showcasing the effectiveness of the company's content-driven user growth strategy[8] - Revenue from data products continued to show strong growth, particularly from new energy vehicle companies, contributing positively to the overall revenue structure[8] - The company launched a series of promotional activities in response to the national "old-for-new" policy, enhancing consumer engagement and market penetration[8] Expenses and Investments - Research and development expenses for Q1 2024 amounted to RMB 336.1 million (USD 46.5 million), compared to RMB 324.4 million in Q1 2023, reflecting a year-over-year increase of 3.0%[14] - Sales and marketing expenses increased to RMB 641.3 million (USD 88.8 million) in Q1 2024, up from RMB 523.1 million in Q1 2023, primarily due to higher marketing costs[14] Cash Flow and Assets - As of March 31, 2024, the total cash and cash equivalents, along with short-term investments, amounted to RMB 23.65 billion (USD 3.27 billion)[19] - Net cash flow from operating activities for Q1 2024 was RMB 560.8 million (USD 77.7 million)[19] - Total assets as of March 31, 2024, were RMB 30,856,381, slightly up from RMB 30,835,731 as of December 31, 2023[35] - Cash and cash equivalents decreased to RMB 2,870,271 as of March 31, 2024, from RMB 4,996,353 as of December 31, 2023[35] Strategic Focus and Future Plans - The company aims to leverage technology to continuously reduce decision-making and transaction costs in the automotive industry[25] - Autohome provides a comprehensive range of services including automotive finance, insurance, used car transactions, and after-sales services[25] - The company emphasizes the importance of adjusted non-GAAP financial metrics to provide a clearer view of its operational performance[27] - Autohome's strategic focus includes enhancing brand awareness and user retention in the competitive online automotive advertising market[26] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[30] Conference and Employee Information - The total number of employees as of March 31, 2024, was 5,420, including 2,092 employees from Tian Tian Pai Che[20] - Autohome will hold its earnings conference call on May 8, 2024, at 8:00 AM ET (8:00 PM Beijing time)[21]

Core Viewpoint - Autohome Inc. reported solid financial results for the first quarter of 2024, showcasing revenue growth and user base expansion, while also highlighting the successful implementation of new business initiatives [2][3]. Financial Performance - Net revenues for Q1 2024 were RMB1,609.1 million (US$222.9 million), an increase from RMB1,533.6 million in Q1 2023, representing a year-over-year growth of 4.9% [2][4]. - Net income attributable to Autohome in Q1 2024 was RMB394.5 million (US$54.6 million), a slight decrease from RMB405.5 million in Q1 2023 [10]. - Adjusted net income attributable to Autohome (Non-GAAP) was RMB493.9 million (US$68.4 million), up from RMB483.5 million in the same period last year [12]. Revenue Breakdown - Media services revenues were RMB327.4 million (US$45.3 million) in Q1 2024, down from RMB361.5 million in Q1 2023 [4]. - Leads generation services revenues increased to RMB726.4 million (US$100.6 million) from RMB680.6 million year-over-year [4]. - Online marketplace and other revenues rose to RMB555.2 million (US$76.9 million) from RMB491.5 million in the previous year [4]. Cost and Expenses - Cost of revenues decreased to RMB300.9 million (US$41.7 million) in Q1 2024 from RMB340.2 million in Q1 2023 [5]. - Operating expenses increased to RMB1,126.9 million (US$156.1 million) from RMB996.6 million year-over-year [6]. - Sales and marketing expenses rose significantly to RMB641.3 million (US$88.8 million) from RMB523.1 million in Q1 2023, primarily due to increased marketing efforts [7]. Profitability Metrics - Operating profit for Q1 2024 was RMB276.1 million (US$38.2 million), compared to RMB263.2 million in Q1 2023 [8]. - The income tax expense for Q1 2024 was RMB68.4 million (US$9.5 million), up from RMB54.7 million in the same period last year [9]. Earnings Per Share - Net income attributable to ordinary shareholders was RMB379.8 million (US$52.6 million) in Q1 2024, down from RMB392.8 million in Q1 2023 [11]. - Basic and diluted earnings per share (EPS) were RMB0.78 (US$0.11) in Q1 2024, compared to RMB0.80 and RMB0.79 in Q1 2023 [11]. Cash Flow and Balance Sheet - As of March 31, 2024, the company had cash and cash equivalents and short-term investments totaling RMB23.65 billion (US$3.27 billion) [13]. - Net cash provided by operating activities in Q1 2024 was RMB560.8 million (US$77.7 million) [13]. User Engagement and Business Initiatives - Average mobile daily active users grew by 8.1% year-over-year to 69.39 million in March 2024, indicating effective user engagement strategies [3]. - The company is expanding its innovative business initiatives, including the Autohome Space franchise stores and responding to national policies to enhance consumer benefits [3].

Core Points - Autohome Inc. will hold its annual general meeting (AGM) on June 21, 2024, in Beijing, China [1] - Shareholders of record as of May 23, 2024, are entitled to attend and vote at the AGM [1] - The Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission [2] Company Overview - Autohome Inc. is the leading online destination for automobile consumers in China, aiming to reduce decision-making and transaction costs in the auto industry through advanced technology [3] - The Company provides a variety of content types, including occupationally generated, professionally generated, user-generated, and AI-generated content, along with a comprehensive automobile library and extensive listing information [3] - Autohome's platform allows automakers and dealers to conduct advertising campaigns and market their inventory, generating sales leads and improving efficiency [3] - Additional services offered include auto financing, auto insurance, used car transactions, and aftermarket services [3]

Financial Performance - Net income reported under U.S. GAAP for the year ended December 31, 2023, is $1,925,409 thousand, compared to $1,824,626 thousand for 2022, reflecting an increase of approximately 5.8%[2] - Net income as reported under IFRS for the year ended December 31, 2023, is $1,841,311 thousand, down from $1,896,945 thousand in 2022, indicating a decrease of about 2.9%[2] Total Equity - Total equity reported under U.S. GAAP as of December 31, 2023, is $23,414,305 thousand, slightly down from $23,482,987 thousand in 2022, a decrease of approximately 0.3%[3] - Total equity as reported under IFRS as of December 31, 2023, is $24,586,787 thousand, up from $24,510,356 thousand in 2022, reflecting an increase of about 0.3%[3] Reconciliation Adjustments - The reconciliation includes a fair value profit change of RMB130.49 million for 2022 and a negative change of RMB17.00 million for 2023 related to preferred shares[6] - The difference in lease expenses recognized in the consolidated statements of comprehensive income is RMB1.37 million for 2022 and a negative RMB1.57 million for 2023[7] - Share-based compensation expense differences are RMB59.54 million for 2022 and RMB65.52 million for 2023, indicating an increase in expense recognition under IFRS[8] - The preferred shares accounted for as mezzanine equity under U.S. GAAP amount to RMB1,035.33 million in 2022 and RMB1,182.02 million in 2023 under IFRS[6] - The adjustments for leases resulted in a total equity difference of RMB7.96 million in 2022 and RMB9.54 million in 2023[7] IFRS Standards Impact - The new IFRS standards effective from January 1, 2023, do not have a significant impact on the financial performance and positions of the company[4]

Corporate Structure and Governance - Autohome Inc. reported a total of 483,398,100 ordinary shares outstanding as of December 31, 2023, excluding 25,989,500 shares reserved for the share incentive plan and repurchased shares[7]. - The company is classified as a large accelerated filer under the Securities Exchange Act[8]. - Autohome Inc. has chosen to prepare its financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP)[9]. - The company conducted a 1-for-4 stock split approved by shareholders in February 2021, adjusting the American Depositary Shares (ADS) ratio accordingly[13]. - The company operates through a structure that includes a Cayman Islands holding company and variable interest entities to comply with Chinese laws and regulations regarding foreign ownership[19]. - The company has established a series of contractual arrangements with its variable interest entities and their respective shareholders, which include exclusive technology consulting and service agreements[20]. - The company is considered a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, which may have adverse tax consequences for U.S. holders[59]. - The company controls variable interest entities and consolidates their operating results into its consolidated U.S. GAAP financial statements[200]. Financial Performance - The company reported a compound annual growth rate (CAGR) in key performance metrics, reflecting strong operational performance[12]. - User data shows a steady increase in engagement on the platform, contributing to overall revenue growth[11]. - Financial disclosures indicate a robust financial position with significant liquidity to support ongoing operations and investments[11]. - Total revenue for the period reached RMB 7,184,135 thousand, with third-party revenue contributing RMB 6,028,836 thousand, representing a significant portion of total income[41]. - The company reported a net profit of RMB 1,925,409 thousand, with a pre-tax profit of RMB 1,997,564 thousand, indicating strong profitability[41]. - The total costs and expenses amounted to RMB 6,310,811 thousand, highlighting the company's operational expenditures[41]. - The company recognized share of profits from subsidiaries at RMB 1,922,857 thousand, while variable interest entity losses were recorded at RMB 112,791 thousand[41]. - Autohome Inc. paid total cash dividends of $105.7 million, $61.1 million, and $69.2 million for the fiscal years 2021, 2022, and 2023 respectively[37]. - Total dividends paid by Chinese subsidiaries to Autohome Inc. were RMB 681.4 million, RMB 1,430.0 million, and RMB 2,000.0 million (approximately $281.7 million) for the years ending December 31, 2021, 2022, and 2023[35]. Market and Competitive Landscape - The company primarily operates in mainland China, with nearly all revenue denominated in Renminbi[13]. - The company is actively pursuing strategies to enhance its competitive edge in the automotive online auction market[12]. - The online automotive advertising industry may not grow at the predicted rates, which could significantly impact the company's business and the market price of its American depositary shares and/or ordinary shares[16]. - The company faces significant risks related to its reliance on the Chinese automotive industry, which is subject to various uncertainties including government regulations and policies[53]. - Intense competition in the market may lead to a loss of market share, adversely affecting the company's business and financial performance[53]. - The company’s revenue heavily depends on a limited number of automotive manufacturer clients, which poses a risk to its future prospects if it fails to maintain or increase revenue from these clients[54]. Regulatory Environment - The company emphasizes adherence to regulatory standards and governance practices to maintain investor confidence[12]. - The company is subject to the Foreign Company Accountability Act (HFCAA), which could restrict trading of its shares in the U.S. if its auditor is not inspected by the PCAOB for two consecutive years[26]. - The PCAOB has removed mainland China and Hong Kong from the list of jurisdictions where it cannot fully inspect or investigate audit firms, which may alleviate some compliance concerns for the company[27]. - The company is exposed to regulatory risks that could significantly affect its ability to sell securities to investors, particularly in light of evolving laws regarding foreign investments[24]. - The company faces potential administrative penalties if it fails to comply with the new filing requirements under the overseas listing trial measures[30]. - The company must comply with Chinese cybersecurity laws, which may impose obligations on data storage and procurement processes[31]. - The company faces potential penalties from regulatory bodies if it fails to comply with data privacy and cybersecurity regulations in China[32]. Risks and Uncertainties - The company acknowledges the presence of various risks and uncertainties that could lead to actual performance differing materially from its forward-looking statements[15]. - The management is unable to predict all risk factors and uncertainties that may affect the company's business performance[15]. - The company faces significant risks related to its contractual arrangements with variable interest entities, which may not provide effective control compared to direct equity ownership[22]. - Uncertainties regarding the interpretation and application of current and future Chinese laws and regulations could impact the enforceability of the company's agreements with variable interest entities, potentially affecting overall financial performance[23]. - The company faces significant credit risk in recovering accounts receivable from automotive manufacturers due to the limited number of clients and the current downturn in the domestic automotive market[84]. - The company may face lawsuits and government investigations related to competition, intellectual property, and consumer protection, which could negatively impact its operations[106]. Strategic Initiatives and Future Outlook - The company has a significant focus on developing new technologies and products to enhance its market position[11]. - Future outlook indicates a commitment to market expansion and potential mergers and acquisitions to drive growth[11]. - The company aims to enhance brand awareness and attract, retain, and motivate key personnel as part of its future business development strategy[15]. - The company is exploring new business models in the electric vehicle sector, including opening offline experience stores in 20 cities to build brand awareness[71]. - The company plans to expand its infrastructure and technology to support ongoing business growth, requiring adjustments to local business practices and employee training[68]. Compliance and Legal Challenges - The company is subject to audits and scrutiny from Chinese tax authorities regarding related party transactions, which could lead to unfavorable tax outcomes[140]. - The company faces significant adverse impacts on liquidity and fundraising capabilities due to regulations on loans and direct investments from offshore holding companies to mainland China entities[145]. - The company may face significant adverse tax consequences if transfer pricing adjustments are made by the Chinese tax authorities, impacting its financial performance[140]. - The company must allocate valuable resources to comply with the revised tax regulations, which may adversely affect its financial condition and operational performance[187]. - The company is required to comply with the Social Insurance Law, which mandates participation in various employee insurance programs[194]. Human Resources and Labor Costs - The company anticipates continued increases in labor costs due to rising average wages in China, which may adversely affect profitability unless these costs can be passed on to users and customers[193]. - The loss of key management personnel could severely impact the company's operations and financial performance, leading to increased recruitment and training costs[117]. - The company faces intense competition in recruiting and retaining skilled talent in the automotive and internet advertising sectors, which could impact future performance[118]. Financial Risks and Currency Exposure - The company’s revenue and costs are primarily denominated in RMB, and fluctuations in the RMB/USD exchange rate could significantly impact financial performance[176]. - The company has not entered into any hedging transactions to mitigate foreign exchange risks, which may lead to substantial currency losses due to limited hedging options available in mainland China[177]. - Regulatory restrictions on currency exchange by the Chinese government may hinder the company's ability to effectively utilize its income and impact shareholder dividend payments[178].

Core Points - Autohome Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC on April 25, 2024 [1] - The annual report includes audited consolidated financial statements and is accessible on the SEC's website and Autohome's investor relations website [1] - The same annual report has been published for Hong Kong purposes, in compliance with HKEX listing rules [2] Company Overview - Autohome Inc. is the leading online destination for automobile consumers in China, focusing on engaging, educating, and informing consumers about automotive topics [3] - The company provides a variety of content types, including occupationally generated, professionally generated, user-generated, and AI-generated content, along with a comprehensive automobile library and extensive listing information [3] - Autohome's platform is preferred by automakers and dealers for advertising campaigns, offering dealer subscription and advertising services to extend the reach of physical showrooms to millions of internet users in China [3] - The company also provides sales leads, data analysis, and marketing services to improve efficiency and facilitate transactions for automakers and dealers [3] - Additional value-added services offered include auto financing, auto insurance, used car transactions, and aftermarket services through its websites and mobile applications [3]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 10 billion, representing a year-over-year growth of 25%[8] - Total revenue for the year ended December 31, 2023, was RMB 7,184,135 thousand, a decrease from RMB 6,940,828 thousand in 2022, representing a decline of approximately 11.5%[35] - Third-party revenues for 2023 were RMB 6,028,836 thousand, compared to RMB 5,743,002 thousand in 2022, indicating an increase of about 5.0%[35][36] - Net income attributable to Autohome Inc. for 2023 was RMB 1,935,310 thousand, a slight decrease from RMB 1,855,174 thousand in 2022, reflecting a decline of approximately 4.3%[35][36] - Total cost and expenses for 2023 amounted to RMB 6,310,811 thousand, up from RMB 6,020,813 thousand in 2022, marking an increase of about 4.8%[35][36] - Income before income taxes for 2023 was RMB 1,997,564 thousand, compared to RMB 1,762,846 thousand in 2022, showing an increase of approximately 13.3%[35][36] - The share of income from subsidiaries for 2023 was RMB 1,922,857 thousand, compared to RMB 1,854,834 thousand in 2022, representing an increase of about 3.7%[35][36] - Net loss attributable to noncontrolling interests for 2023 was RMB 9,901 thousand, compared to RMB 30,548 thousand in 2022, indicating a decrease of approximately 67.6%[35][36] - The total cost and expenses for 2023 included a significant intercompany revenue elimination of RMB 994,811 thousand[35] - The company reported a loss from VIEs of RMB 112,791 thousand in 2023, compared to a loss of RMB 85,283 thousand in 2022, reflecting an increase in losses[35][36] - The income tax expense for 2023 was RMB 72,155 thousand, compared to a benefit of RMB 61,780 thousand in 2022, indicating a shift from a tax benefit to an expense[35][36] User Growth and Market Expansion - User data showed a total of 50 million active users, with a 15% increase compared to the previous quarter[8] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[8] - New product launches are expected to contribute an additional RMB 1 billion in revenue over the next year[8] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth rate of 20% to 25%[9] Strategic Initiatives and Investments - A strategic acquisition of a local competitor was completed for RMB 500 million, expected to enhance market capabilities[8] - Research and development expenses increased by 30%, focusing on innovative technologies in the automotive sector[8] - Future investments will prioritize sustainable practices, aligning with the company's ESG goals[9] - The company is actively exploring new business initiatives related to new energy vehicles, including launching offline experience stores, Autohome Space, in 20 cities across the country[69] Regulatory and Compliance Risks - The board of directors emphasized the importance of compliance with regulatory requirements in mainland China[9] - The PCAOB has historically been unable to inspect registered public accounting firms in mainland China and Hong Kong, which could lead to the company being identified as a Commission-Identified Issuer under the HFCAA if this situation persists[21] - The company may be subject to additional regulatory approvals and filing requirements under the Overseas Listing Trial Measures issued by the CSRC, effective March 31, 2023, for overseas securities offerings[24] - The company faces risks related to evolving PRC laws and regulations, which could materially affect operations and the value of its securities[20] - If the PCAOB cannot inspect the auditor in the future, the company may face trading prohibitions under the HFCAA, adversely impacting investment value[23] - The company must comply with evolving regulations regarding algorithm recommendations, which could affect its ability to enhance content quality and user engagement[84] - The company is subject to complex and evolving Chinese laws and regulations regarding data privacy and cybersecurity, which may require adjustments to business practices[71] Financial Position and Assets - Total current assets reached RMB 25,524,988 thousand, with cash and cash equivalents amounting to RMB 23,675,501 thousand[38] - Total assets increased to RMB 30,835,731 thousand, reflecting a significant growth compared to the previous year[41] - Shareholders' equity totaled RMB 23,414,305 thousand, demonstrating a stable equity position[38] - The company’s investment in subsidiaries and VIEs was RMB 21,017,930 thousand, showcasing significant investments in growth opportunities[38] - Deferred revenue reached RMB 801,581 thousand, indicating future revenue potential from advance customer payments[38] Competition and Market Challenges - The company faces intense competition from various automotive vertical websites, mobile applications, and traditional media, which could adversely affect its market share and growth prospects[59][61] - The decline in the auto market may lead to dealer customers canceling subscription services, directly impacting the number of dealer customers and revenue generation[69] - The company has historically benefited from the growth of the automotive industry but cannot predict future developments due to various complex factors, including economic conditions and government policies[56] Shareholder Relations and Corporate Governance - Ping An Group owns 46.4% of the total equity interest in the company, giving it substantial influence over corporate decisions[144] - In 2023, the company received services and assets from Ping An Group amounting to RMB191.4 million (approximately US$27.0 million)[145] - The company provided services to Ping An Group totaling RMB134.4 million (approximately US$18.9 million) in 2023[145] Operational Risks and Challenges - The company faces risks related to customer concentration, with a limited number of automaker customers accounting for a significant portion of revenues[89] - The company relies on third-party advertising agencies for a significant portion of its accounts receivable, which may affect liquidity and cash flows if these agencies face financial difficulties[107] - The company has no long-term cooperation agreements with advertising agencies, which may lead to a loss of advertisers if relationships are not maintained[106] - Employee misconduct could expose the company to significant legal liability and reputational harm, impacting its relationships with business partners and customers[136] Environmental, Social, and Governance (ESG) Considerations - Increased focus on environmental, social, and governance (ESG) matters may impose additional costs and affect the company's reputation and access to capital[102] - The company must continuously enhance its infrastructure and technology, including investments in artificial intelligence and big data technologies, to support expansion and new business initiatives[66]

Core Viewpoint - Autohome Inc. will report its financial results for Q1 2024 on May 8, 2024, before U.S. markets open, with a conference call scheduled for the same day [1]. Group 1: Financial Reporting - The financial results for the first quarter ended March 31, 2024, will be announced before U.S. markets open on May 8, 2024 [1]. - An earnings conference call will take place at 8:00 a.m. Eastern Time on May 8, 2024 [1]. - Participants must register in advance to receive dial-in numbers and a personal PIN for the conference call [1]. Group 2: Company Overview - Autohome Inc. is the leading online destination for automobile consumers in China, providing a wide range of content and services related to the automotive industry [3]. - The company offers various types of content, including occupationally generated, professionally generated, user-generated, and AI-generated content, covering the entire car purchase and ownership cycle [3]. - Autohome's platform allows automakers and dealers to conduct advertising campaigns and market their inventory, reaching millions of internet users in China [3]. - Additional services provided by the company include auto financing, auto insurance, used car transactions, and aftermarket services [3].

Core Insights - The article discusses the performance and potential of large-cap value stocks, particularly focusing on dividend yields and analyst projections for future gains [5][6][10]. Group 1: Value Ranking and Strategy - The Value Score is a composite score that evaluates stocks based on their price relative to profits, cash flows, assets, and sales, helping investors identify undervalued stocks [2]. - The Ben Graham Formula strategy emphasizes ultra-stable stocks with a strong track record of earnings and dividends, selecting large companies with favorable financial ratios [3]. Group 2: Dividend Performance - As of April 18, 2024, dividends from $1,000 investments in 54 out of 65 identified stocks met or exceeded their share prices, indicating strong dividend performance [5][11]. - The average net gain from investing in the top ten All-Star-Value stocks is estimated at 37.36% based on dividends and price appreciation [6]. Group 3: Analyst Projections - Analysts project significant net gains for top All-Star-Value stocks, with estimates ranging from 29.10% to 57.54% by April 2025 [6]. - Specific stocks like Sociedad Quimica Y Minera De Chile SA (SQM) and Vale SA (VALE) are highlighted for their strong projected returns, with SQM expected to net $575.36 and VALE $523.24 [6]. Group 4: Market Sentiment and Stock Selection - The article categorizes stocks as "dogs" based on their reliable dividends and price declines, suggesting that these stocks may offer better value compared to peers [7]. - The top ten All-Star-Value stocks represent a diverse range of sectors, with significant upside potential based on analyst price targets [9][10].

hcraeseR 股 票 研 [Table_Title] Teddy Lin 林荣叶 ytiuqE Company Report: Autohome-S (02518 HK) 中文版 究 (852) 2509 5409 公司报告： 汽车之家-S (02518 HK) Chinese version rongye.lin@gtjas.com.hk 29 February 2024 赋[Ta能ble_汽Su车mm行ary业] 新零售生态，领航新能源持续发展之道 tropeR 公  我们维持“买入”的投资评级，并上调目标价至 67.08港元，相当于 14.5倍的 [RTaabtlien_gR:a nk] Buy 司 2024年市盈率。汽车之家2023年收入同比增长3.5%至人民币71.8亿元，股东 Maintained 净利润同比增长4%至人民币18.8亿元，符合我们此前的预期。公司在2023年 ynapmoC 报 底前共回购了价值 2 亿美元的股份。鉴于市场的不确定性，我们小幅下调 评级： 买入 (维持) 告 2024-2025年收入预测约2.7%，但因为运营支出的预期也有所下调，整体而言维 持净利润预期基本不 ...