h 股 c r a 票 e s e R 研 y [Table_Title] Teddy Lin 林荣叶 tiu Company Report: Autohome-S (02518 HK) 究 q (852) 2509 5409 E 公司报告： 汽车之家-S (02518 HK) rongye.lin@gtjas.com.hk 29 February 2024 E[Tmablpe_oSwumemrianryg] the New Retail Ecosystem in the Auto Industry, Navigating the Path to New Energy Sustainability tr 公 o p e 司 R  W HKe 6m 7a .0in 8t a ri en r" eB su eny" ni gn v 1e 4s .5tm e 2n 02t 4r Pat /i En .g ua tn od mre ev 'sis 2e 2o 3u r vta er ng ue et rop sr eic 3e 5t %o 报 y n a $ , p ti x A ho 0 re . [RTaabt ...

Core Viewpoint - Autohome Inc. (ATHM) shows potential for further upside, with a mean price target of $34.57 indicating a 27.3% increase from its current price of $27.15, supported by strong analyst agreement on earnings prospects [1][5]. Price Target Analysis - The mean price target consists of seven short-term estimates with a standard deviation of $6.53, indicating variability among analysts [1]. - The lowest estimate is $27, suggesting a slight decline of 0.6%, while the highest estimate predicts a 69.4% increase to $46 [1]. - A low standard deviation signifies a high degree of agreement among analysts regarding the stock's price movement direction [4]. Earnings Estimates and Analyst Sentiment - Analysts have shown increasing optimism about ATHM's earnings, with a 0.9% rise in the Zacks Consensus Estimate for the current year, reflecting two upward revisions and no negative changes [5]. - ATHM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [5]. Caution on Price Targets - While price targets are popular among investors, they can often mislead, as empirical research suggests they rarely predict actual stock price movements accurately [3][4]. - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [3].

时间：2024年2月19日 星期一 重要新闻 高合汽车停工停产，内部人士：公司只是调整休整一段时间 在1月初辟谣与相关合作方工作暂停后，2月18日，春节后开工第一天，高合汽车传来了停工停产的消息。高合汽车官方服务热线包括预约试驾、其他服务在内的客服功能均无人接听。在汽车之家平台，高合汽车旗下多款产品未来7天的预约试驾均显示“已满”。对于高合停业传闻，有高合汽车销售人员表示，“公司只是调整休整一段时间。”对于高合汽车车主服务，该员工表示，目前高合车主的售后服务都在正常开展，只是前端和工厂以及总部做一些调整。（证券时报） 今天，广东打响开年第一枪 开工第一天，广东沸腾。 今天上午，广东召开全省高质量发展大会。不同往年，今年主会场设置在深圳，同时在各地级以上市、各县（市、区）设分会场，并面向全省进行实况直播。会上，省委书记黄坤明发出“再造一个新广东”的号召。 回顾2023年，广东省GDP首次突破13万亿元，稳坐全国“经济第一省”。即便如此，广东依然有着强烈危机感——“从现在起到2035年基本实现现代化时间紧、任务重，广东要走在前列，要求很高、难度很大。”阅读全文 五粮液出资百 ...

Financial Data and Key Metrics Changes - Total net revenues for 2023 grew by 3.5% year-over-year to RMB7.18 billion [5][18] - Adjusted net income attributable to Autohome for the year was RMB2.16 billion with an adjusted net margin of 30.1% [6][18] - Net revenues for Q4 2023 were RMB1.91 billion, with a gross margin of 80.8% compared to 80.4% in Q4 2022 [17][18] - Adjusted net income for Q4 2023 was RMB503 million, down from RMB669 million in the corresponding period of 2022 [18] Business Line Data and Key Metrics Changes - Revenues from the online marketplace and others business increased by 14.6% year-over-year, accounting for 30.6% of total revenue [5][18] - NEV business revenues increased by over 80% year-over-year, accounting for nearly 18% of total revenue [6][12] - TTP delivered a year-over-year revenue growth of over 10% [15] Market Data and Key Metrics Changes - Mobile DAUs increased by 25.4% year-over-year to reach 68.19 million in December 2023 [10] - NEV penetration rate increased from 28% in 2022 to 35% in 2023, expected to reach 40% in 2024 [25] Company Strategy and Development Direction - The company aims to enhance collaboration with Ping An Group to create a closed-loop ecosystem for car owners [8][33] - Focus on improving content quality and reinforcing Autohome as the leading authority in the automotive space [8] - Plans to expand the Autohome Energy Space stores to around 50 cities by the end of 2024 [12][43] Management Comments on Operating Environment and Future Outlook - The auto market in China is expected to stabilize in 2024 with a projected growth of 3% [25] - The company acknowledges challenges such as price wars and squeezed margins in the industry [24] - Management remains optimistic about the NEV market and its growth potential [12][25] Other Important Information - The company completed a US$200 million share repurchase program and significantly increased the dividend payout to shareholders [6][19] - Cash, cash equivalents, and short-term investments stood at RMB23.55 billion as of December 31, 2023 [19] Q&A Session Summary Question: Industry outlook for 2023 and trends for 2024 - Management noted a historical high in auto sales volume in 2023, with a 5.3% increase in passenger car sales, primarily driven by NEV cars [23] - Challenges include competitive pricing and low margins, with 50.3% of dealers suffering losses in the first half of 2023 [24] Question: Expectations for margin trends in Q1 2024 and strategies for synergies with Ping An Group - Management acknowledged a slight decline in gross margin due to increased costs from diversified content and user experience enhancements [30] - The synergy between Autohome and Ping An Group is expected to enhance service quality and create a closed-loop ecosystem for car users [33] Question: Impact of declining scale of traditional OEMs on leads generation and future dividend plans - Management indicated that traditional combustion cars still dominate sales, but the shift towards NEVs is expected to continue [37] - The company plans to maintain a dividend payout of no less than RMB1 billion from 2024 to 2026, reflecting strong financial health [41] Question: Revenue contribution and costs associated with the expansion of Energy Space stores - Management plans to open 30 new Energy Space stores in 2024, with stable costs due to a franchising model [43] - Revenue from existing stores reached RMB16 million in Q4 2023, with expectations for growth as more stores mature [44]

智通财经APP讯，汽车之家-S(02518)发布公告，2023年第四季度净收入总额为人民币19.11亿元(单位下同)(2.69亿美元)，2022年同期为18.93亿元。 2023年第四季度归属于汽车之家的净利润为4.47亿元(6290万美元)，2022年同期为5.94亿元。2023年第四季度归属于普通股股东的净利润为4.32亿元(6090万美元)，2022年同期为5.81亿元。 2023年第四季度归属于汽车之家的经调整净利润(非美国通用会计准则)为5.03亿元(7080万美元)，2022年同期为6.69亿元。 截至2023年12月31日，公司已回购672.69万股美国存托股，总成本约为2亿美元。 2023年净收入总额为71.84亿元(10.12亿美元)，2022年为69.41亿元。 2023年归属于汽车之家的净利润为19.35亿元(2.73亿美元)，2022年为18.55亿元。2023年归属于普通股股东的净利润为18.8亿元(2.65亿美元)，2022年为18.07亿元。 2023年归属于汽车之家的经调整净利润(非美国通用会计准则)为21.6亿元(3.04亿美元)，2022年为21.68亿元。 汽车之家首席执 ...

Financial Performance - In Q4 2023, Autohome's total net revenue was RMB 1,911.4 million (USD 269.2 million), a slight increase from RMB 1,893.3 million in Q4 2022[10] - The net profit attributable to Autohome in Q4 2023 was RMB 446.7 million (USD 62.9 million), down from RMB 594.1 million in the same period last year[16] - For the full year 2023, total net revenue reached RMB 7,184.1 million (USD 1,011.9 million), compared to RMB 6,940.8 million in 2022, marking a year-on-year growth[9] - The adjusted net profit for 2023 was RMB 2,159.6 million (USD 304.2 million), slightly down from RMB 2,168.3 million in 2022[9] - The net profit attributable to Autohome in 2023 was RMB 1,935.3 million (USD 272.6 million), compared to RMB 1,855.2 million in 2022, reflecting an increase of approximately 4.3%[26] - The adjusted net profit for 2023 was RMB 2,159.6 million (USD 304.2 million), slightly down from RMB 2,168.3 million in 2022, indicating a decrease of about 0.4%[29] - The operating profit for 2023 was RMB 1,137.4 million (USD 160.2 million), down from RMB 1,247.5 million in 2022, representing a decrease of about 8.8%[24] - The adjusted EBITDA for Q4 2023 was RMB 671,527, down 15% from RMB 789,460 in Q4 2022[43] - The net profit margin for Q4 2023 was 23.4%, down from 31.4% in Q4 2022[43] - The company reported a decrease in operating profit for Q4 2023 to RMB 366,714, down 28.5% from RMB 513,289 in Q4 2022[41] User Engagement and Growth - Autohome's mobile daily active users reached 68.19 million in December 2023, a 25.4% increase year-on-year, indicating effective user growth strategies[9] - The company plans to continue exploring new growth avenues and enhancing its market position in collaboration with Ping An Group[9] - Autohome Inc. is focused on enhancing user retention and brand awareness in the competitive online automotive advertising market[36] - The company anticipates growth in the Chinese online automotive advertising market, which may impact future business development[36] - Autohome Inc. is committed to ongoing product and service demand assessment to align with market acceptance[36] Expenses and Costs - Operating costs for 2023 were RMB 1,411.9 million (USD 198.9 million), up from RMB 1,235.2 million in 2022, indicating a year-over-year increase of about 14.3%[21] - The total operating expenses in 2023 amounted to RMB 4,898.9 million (USD 690.0 million), slightly higher than RMB 4,785.6 million in 2022, showing an increase of approximately 2.4%[23] - Research and development expenses in Q4 2023 were RMB 355.9 million (USD 50.1 million), up from RMB 312.9 million in Q4 2022[17] - Research and development expenses for Q4 2023 were RMB 355,924, an increase of 13.7% from RMB 312,903 in Q4 2022[41] Shareholder Returns and Stock Performance - The company completed a USD 200 million stock repurchase program by the end of 2023, enhancing shareholder returns[9] - The diluted earnings per share for the full year 2023 was RMB 3.83, compared to RMB 3.62 in 2022, reflecting a growth of 5.8%[41] Cash Flow and Assets - As of December 31, 2023, the company had cash and cash equivalents totaling RMB 23.55 billion (USD 3.32 billion) and net cash flow from operating activities of RMB 2,451.4 million (USD 345.3 million)[30] - Total assets increased from RMB 29,715,819 in 2022 to RMB 30,835,731 in 2023, representing a growth of 3.8%[45] - Cash and cash equivalents rose significantly from RMB 2,801,299 in 2022 to RMB 4,996,353 in 2023, an increase of 78.5%[45] Liabilities and Equity - Total current liabilities increased from RMB 4,058,676 in 2022 to RMB 5,075,351 in 2023, reflecting a rise of 25.0%[45] - Total liabilities grew from RMB 4,627,193 in 2022 to RMB 5,662,493 in 2023, marking an increase of 22.4%[45] - Shareholders' equity remained relatively stable, with a slight decrease from RMB 23,482,987 in 2022 to RMB 23,414,305 in 2023, a decline of 0.3%[45] Risks and Strategic Initiatives - Autohome Inc. is subject to various risks, including economic fluctuations and regulatory changes in China, which could affect its future outlook[36] - The company plans to continue its strategic initiatives to improve operational performance and financial stability[36] - The management highlighted the significance of evaluating business trends consistently across reporting periods using adjusted financial metrics[38] Communication and Reporting - Autohome Inc. will provide updates on its performance and strategies through regular SEC filings and announcements on the Hong Kong Stock Exchange[36] - The company’s investor relations team is available for inquiries to provide further insights into its financial performance and strategies[39]

Financial Performance - In Q4 2023, Autohome's total net revenue was RMB 1,911.4 million (USD 269.2 million), a slight increase from RMB 1,893.3 million in Q4 2022[10]. - The net profit attributable to Autohome in Q4 2023 was RMB 446.7 million (USD 62.9 million), down from RMB 594.1 million in the same period last year[16]. - For the full year 2023, total net revenue reached RMB 7,184.1 million (USD 1,011.9 million), compared to RMB 6,940.8 million in 2022, marking a year-on-year growth[9]. - The adjusted net profit for 2023 was RMB 2,159.6 million (USD 304.2 million), slightly down from RMB 2,168.3 million in 2022[9]. - The company reported a Q4 operating profit of RMB 366.7 million (USD 51.7 million), down from RMB 513.3 million in the same quarter of the previous year[14]. - The net profit attributable to ordinary shareholders was RMB 432.1 million (USD 60.9 million), down from RMB 580.9 million in the same period of 2022, representing a decrease of approximately 25.6%[18]. - The adjusted net profit for Q4 2023 was RMB 502.8 million (USD 70.8 million), compared to RMB 668.5 million in Q4 2022, reflecting a decline of about 25%[19]. - For the full year 2023, total revenue reached RMB 7,184.1 million (USD 1,011.9 million), an increase from RMB 6,940.8 million in 2022, marking a growth of approximately 3.5%[20]. - The operating profit for 2023 was RMB 1,137.4 million (USD 160.2 million), down from RMB 1,247.5 million in 2022, which is a decrease of around 8.8%[24]. - The net profit attributable to Autohome in 2023 was RMB 1,935.3 million (USD 272.6 million), compared to RMB 1,855.2 million in 2022, reflecting a growth of about 4.3%[26]. User Engagement and Market Strategy - Autohome's mobile daily active users reached 68.19 million in December 2023, a 25.4% increase year-on-year, indicating effective user growth strategies[9]. - The company is focused on enhancing brand awareness and user retention in the competitive online automotive advertising market[36]. - Autohome's future business development and operational strategies are subject to various risks and uncertainties, including market competition and regulatory environment[36]. - The company plans to continue expanding its market presence and exploring new strategies for growth[36]. Expenses and Investments - R&D expenses in Q4 2023 were RMB 355.9 million (USD 50.1 million), up from RMB 312.9 million in Q4 2022, reflecting ongoing investment in new technologies[17]. - Operating costs for 2023 were RMB 1,411.9 million (USD 198.9 million), up from RMB 1,235.2 million in 2022, indicating a year-over-year increase of about 14.3%[21]. - The total operating expenses in 2023 amounted to RMB 4,898.9 million (USD 690.0 million), slightly higher than RMB 4,785.6 million in 2022, showing an increase of approximately 2.4%[23]. Cash Flow and Financial Position - As of December 31, 2023, the company had cash and cash equivalents totaling RMB 23.55 billion (USD 3.32 billion) and net cash flow from operating activities of RMB 2,451.4 million (USD 345.3 million)[30]. - Total assets increased from RMB 29,715,819 in 2022 to RMB 30,835,731 in 2023, representing a growth of 3.8%[45]. - Cash and cash equivalents rose significantly from RMB 2,801,299 in 2022 to RMB 4,996,353 in 2023, an increase of 78.5%[45]. - Total current liabilities increased from RMB 4,058,676 in 2022 to RMB 5,075,351 in 2023, reflecting a rise of 25.0%[45]. - Shareholders' equity remained relatively stable, with a slight decrease from RMB 23,482,987 in 2022 to RMB 23,414,305 in 2023, a decline of 0.3%[45]. Financial Reporting and Metrics - Autohome reported adjusted net profit, excluding non-cash expenses, to provide a clearer view of operational performance[38]. - The company emphasizes the importance of adjusted EBITDA as a key financial metric for assessing business trends[38]. - Autohome's management believes that non-GAAP financial indicators are crucial for investors to understand the company's core operating performance[38]. - The company aims to maintain transparency in its financial reporting by providing reconciliations between GAAP and non-GAAP measures[38]. - The company has a dedicated investor relations team to address inquiries and provide updates on financial performance[39]. - Autohome's financial disclosures include forward-looking statements that may differ from actual results due to inherent risks[36].

Core Insights - Autohome Inc. reported solid growth in total revenues and user traffic for the year 2023, with net revenues reaching RMB7.18 billion (US$1.01 billion), a year-over-year increase of 3.5% from RMB6.94 billion in 2022 [3][4] - The company experienced a decline in net income attributable to Autohome in Q4 2023, amounting to RMB446.7 million (US$62.9 million), down from RMB594.1 million in Q4 2022 [11][12] - Autohome's adjusted net income (Non-GAAP) for 2023 was RMB2.16 billion (US$304.2 million), slightly down from RMB2.17 billion in 2022 [21][28] Financial Performance Fourth Quarter 2023 Highlights - Net revenues were RMB1,911.4 million (US$269.2 million), a slight increase from RMB1,893.3 million in Q4 2022 [2][5] - Media services revenues decreased to RMB500.5 million (US$70.5 million) from RMB610.2 million in the same period last year [5] - Leads generation services revenues increased to RMB841.5 million (US$118.5 million) from RMB786.8 million [5] - Online marketplace and others revenues rose to RMB569.5 million (US$80.2 million) from RMB496.2 million [5] Full Year 2023 Highlights - Net income attributable to Autohome was RMB1,935.3 million (US$272.6 million), up from RMB1,855.2 million in 2022 [3][20] - Media services revenues for the year were RMB1,870.8 million (US$263.5 million), down from RMB1,963.3 million [14] - Leads generation services revenues increased to RMB3,111.8 million (US$438.3 million) from RMB3,056.9 million [14] - Online marketplace and others revenues grew significantly to RMB2,201.5 million (US$310.1 million) from RMB1,920.6 million [14] Cost and Expenses - Cost of revenues for Q4 2023 was RMB367.9 million (US$51.8 million), slightly down from RMB370.6 million in Q4 2022 [6] - Operating expenses increased to RMB1,242.8 million (US$175.0 million) from RMB1,088.3 million in the same quarter last year [7] - Sales and marketing expenses rose to RMB730.1 million (US$102.8 million) from RMB672.6 million [8] Profitability Metrics - Operating profit for Q4 2023 was RMB366.7 million (US$51.7 million), down from RMB513.3 million in Q4 2022 [9] - The company reported an income tax expense of RMB127.6 million (US$18.0 million) in Q4 2023, compared to RMB76.9 million in Q4 2022 [10] - Basic and diluted earnings per share (EPS) for Q4 2023 were RMB0.89 (US$0.13), down from RMB1.18 in Q4 2022 [12] User Engagement and Growth - Autohome's mobile daily active users grew by 25.4% year-over-year to 68.19 million in December 2023, reflecting the effectiveness of its content-focused user growth strategy [4] - The online marketplace and others business segment grew by 14.6% year-over-year, contributing significantly to total revenue [4] Shareholder Returns - The company completed a US$200 million share repurchase program by the end of 2023 [4] - Autohome significantly increased its dividend payout to shareholders, demonstrating a commitment to generating returns for investors [4]

BEIJING, Jan. 25, 2024 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), a leading online destination for automobile consumers in China, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2023, before U.S. markets open on February 6, 2024.Autohome's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Tuesday, February 6, 2024 (8:00 PM Beijing Time on the same day).Please regis ...

Core Viewpoint - H World Group Limited announced a leadership change, with Ms. Jihong He stepping down as CFO to become the Chief Strategy Officer, while Mr. Jun Zou has been appointed as the new CFO effective January 2, 2024 [1][3]. Company Overview - H World Group Limited is a significant player in the global hotel industry, operating 9,157 hotels with 885,756 rooms across 18 countries as of September 30, 2023 [4]. - The company's hotel brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, and several others, along with master franchise rights for Mercure, Ibis, and Ibis Styles in the pan-China region [4]. Business Model - H World employs a mix of leased and owned, manachised, and franchised hotel models. As of September 30, 2023, 12% of hotel rooms are operated under lease and ownership, while 88% are under manachise and franchise models [5]. - The company maintains a consistent standard and platform across all its hotels, ensuring quality and service uniformity [5]. Leadership Experience - Mr. Jun Zou, the new CFO, brings over 30 years of experience in financial management and capital markets, having held CFO positions at various companies including Huawei Technologies and Shenzhen Qiqitong Technology [2]. - The CEO of H World, Mr. Hui Jin, expressed confidence in Mr. Zou's capabilities and leadership, highlighting his contributions since joining the company [3].