证券时报网讯，高盛维持途虎-W"买入"评级，目标价从22.5港元上调至24.5港元，预计途虎将享有持续 的经营杠杆和效率提升，降低营运支出比率，并改善毛利率。 高盛认为途虎是中国最大的独立汽车售后市场供应商，凭借透明的定价和创收能力成为净受益者。 校对：王蔚 ...

2024 年 12 月 6 日 招银国际环球市场 | 睿智投资 | 公司更新 途虎养车 (9690 HK) 科技赋能汽车服务 我们认为途虎作为行业头部的独立汽车服务商有望在中国车龄增长、消费偏好 理性化的趋势中获益。途虎通过自研系统，实现对供应链和门店的强管控，产 品和服务标准化保持行业领先，更加满足年轻用户的消费习惯，实现了较低的 获客成本和较高的用户粘性。我们认为途虎的门店网络扩张足以抵消潜在的单 店增长压力，而自有自控产品占比的提升对公司的利润和利润率均有正面帮 助。途虎是宏观经济波动中很好的防御性标的，我们将其作为本次 2025 年度策 略中汽车服务板块的首选标的。 标准化服务+门店强管控，树立行业壁垒。随着中国市场平均车龄的增长， 我们认为独立的汽车售后服务商仍有较大的市场增长空间。途虎通过自研系 统、自控供应链和对门店的管理能力，塑造了较高的行业壁垒。通过标准化 的产品和服务，途虎实现了介于传统 4S 店和街边夫妻老婆店之间的精准定 位，线上下单的方式也更符合年轻人的消费习惯，有利于用户粘性的培养。 消费降级带来新的市场机会。随着宏观环境的不确定性增强，用户的消费偏 好变得更加理性，在此过程中我们 ...

港股公司报告 | 首次覆盖报告 制造型零售推升盈利，轻资产下沉支撑扩张 深耕 13 年，车后服务龙头 公司 2011 年成立，以轮胎销售起家，2014 年，途虎正式推出途虎养车 APP， 将线上电商平台与线下服务门店相结合，打破了传统汽车服务行业的局限， 为用户提供了便捷的一站式服务体验。通过轻资产加盟模式，迅速拓店发 展。经过十三年的深耕，途虎已经成为国内头部车后服务商，拥有超过 6300 家工场店，服务门店数量领先同行业。 持续市场领先，中长期空间广阔 途虎养车通过线上线下一体化服务模式，实现快速扩张，24H1 新开超过 400 家门店，服务网络覆盖全国。技术驱动下，2023Q1，工位日均服务周 转率达 2.2，远高于截止到 22 年底行业平均 1.1 的周转率。直采和自有品 牌策略带来高周转高毛利，2023 年自有自控产品收入占汽车产品和服务收 入的 25.9%，2024H1 毛利率 25.9%。标准化服务带来高复购，用户增长显 著，月均用户数同比增长 40%+，注册用户达 1.26 亿，交易用户 2140 万， 同期实现了 18.8%的增长。 途虎养车在互联网巨头竞争中展现强劲增长势头，以超 6300 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 7,126.161 million, a 9.3% increase compared to the same period in 2023[7] - Gross profit increased by 17.0% to RMB 1,845.765 million, with a gross margin of 25.9%[7] - Operating profit surged by 217.5% to RMB 211.884 million, with an operating margin of 3.0%[7] - Net profit for the period rose significantly by 378.0% to RMB 284.332 million[7] - Adjusted EBITDA grew by 27.8% to RMB 449.619 million, representing 6.3% of revenue[7] - Adjusted net profit increased by 67.3% to RMB 358.164 million, with a margin of 5.0%[7] - Total revenue for the first half of 2024 reached RMB 7.1 billion, a year-on-year increase of 9.3% compared to RMB 6.5 billion in the same period of 2023[11] - Gross profit for the first half of 2024 was RMB 1.8 billion, with a gross margin of 25.9%, up 1.7 percentage points year-on-year[11] - Adjusted net profit for the first half of 2024 was RMB 358.2 million, a year-on-year increase of 67.3%[11] - The company's revenue for the first half of 2024 reached RMB 7.126 billion, a 9.3% increase compared to RMB 6.522 billion in the same period of 2023[24][26] - The company's gross profit for the first half of 2024 was RMB 1.846 billion, up from RMB 1.578 billion in the same period of 2023[24] - The company's adjusted EBITDA for the first half of 2024 was RMB 449.6 million, compared to RMB 351.8 million in the same period of 2023[24] - The company's adjusted net profit for the first half of 2024 was RMB 358.2 million, up from RMB 214.0 million in the same period of 2023[24] - The company's operating profit for the first half of 2024 was RMB 211.9 million, a significant increase from RMB 66.7 million in the same period of 2023[24] - Revenue for the first half of 2024 reached RMB 7,126,161 thousand, a 9.3% increase compared to RMB 6,521,629 thousand in the same period of 2023[110] - Gross profit for the first half of 2024 was RMB 1,845,765 thousand, up 16.9% from RMB 1,578,109 thousand in the first half of 2023[110] - Operating profit for the first half of 2024 was RMB 211,884 thousand, a significant increase from RMB 66,731 thousand in the same period of 2023[110] - Net profit attributable to owners of the parent company for the first half of 2024 was RMB 285,549 thousand, compared to RMB 60,264 thousand in the first half of 2023[110] - Total revenue for 2024 reached 7,126,161 thousand RMB, a 9.3% increase from 6,521,629 thousand RMB in 2023[128] - Revenue from automotive products and services grew to 6,643,280 thousand RMB in 2024, up 9.6% from 6,058,798 thousand RMB in 2023[128] - Franchise services revenue increased to 378,265 thousand RMB in 2024, a 6.1% rise from 356,528 thousand RMB in 2023[128] - Advertising services revenue rose to 48,045 thousand RMB in 2024, up 21.9% from 39,418 thousand RMB in 2023[128] - Financial income for 2024 was 90,443 thousand RMB, a 46.7% increase from 61,640 thousand RMB in 2023[131] - Pre-tax profit for 2024 was 557,360 thousand RMB, a 20% increase from 464,452 thousand RMB in 2023[130] - Sales costs for 2024 were 5,112,765 thousand RMB, up 8% from 4,733,594 thousand RMB in 2023[132] - Employee benefits expenses, including wages and salaries, decreased to 680,061 thousand RMB in 2024 from 704,012 thousand RMB in 2023[132] - Advertising and promotion expenses increased to 471,006 thousand RMB in 2024, up 26.3% from 372,833 thousand RMB in 2023[132] - Basic earnings per share for 2024 remained stable at 0.4 RMB, consistent with 2023[137] User and Store Growth - The number of Tuhu Workshop stores increased by 23.0% to 6,311, with 6,162 being franchised stores[8] - Transaction users grew by 18.8% to 21.4 million[8] - Registered users increased by 20.7% to 126.4 million[8] - Cumulative registered users reached 126 million by June 2024, maintaining the company's position as China's largest independent automotive service platform[12] - Monthly active users (MAU) reached 11.5 million in the reporting period, a year-on-year increase of 15.8%[12] - The 12-month cumulative transacting users reached 21.4 million, a year-on-year increase of 18.8%[12] - The company's repurchase rate reached 61.1%, further improving from the previous year[12] - The number of Tuhu Workshop stores reached 6,311 by June 2024, an increase of 402 stores compared to the end of 2023[13] Operational Efficiency and Costs - The company optimized its regional warehouse network, reducing the number of regional warehouses to 29, with warehouse area increasing by 5.9% and average rental cost per square meter decreasing by 6.7%[20] - The company achieved a 77.2% on-time or next-day delivery rate for orders, with self-delivery routes covering over 100 cities[20] - The company operated 509 front warehouses nationwide, maintaining an industry-leading "30-minute delivery within 5 kilometers" standard[20] - Sales cost rose by 6.8% from RMB 4.9 billion in 2023 to RMB 5.3 billion in 2024, mainly due to increased costs in automotive products and services[31][33] - Other income and gains decreased by 74.7% from RMB 83.2 million in 2023 to RMB 21.0 million in 2024, mainly due to reduced government subsidies and stable foreign exchange rates[35] - Operating and support expenses increased by 4.1% from RMB 272.0 million in 2023 to RMB 283.1 million in 2024, driven by higher travel and outsourcing costs[36] - R&D expenses slightly increased from RMB 298.0 million in 2023 to RMB 302.0 million in 2024, due to company-wide salary adjustments and new hires[37] - Sales and marketing expenses grew by 7.9% from RMB 841.5 million in 2023 to RMB 908.1 million in 2024, driven by increased advertising and promotion efforts on new media platforms[38] - General and administrative expenses slightly increased from RMB 185.5 million in 2023 to RMB 186.1 million in 2024, due to higher transaction fees and personnel costs[39] - Income tax expenses decreased by 55.1% to RMB 4.8 million for the six months ended June 30, 2024, due to non-recurring taxable income in the prior year[41] - Profit for the six months ended June 30, 2024, surged to RMB 284.3 million, a significant increase compared to RMB 59.5 million in the same period last year[42] - Adjusted EBITDA (non-IFRS) for the six months ended June 30, 2024, was RMB 449.6 million, up from RMB 351.8 million in the same period last year[44] - Adjusted net profit (non-IFRS) for the six months ended June 30, 2024, reached RMB 358.2 million, compared to RMB 214.0 million in the same period last year[45] - R&D expenses for the first half of 2024 were RMB 283,086 thousand, slightly higher than RMB 272,020 thousand in the same period of 2023[110] - Sales and marketing expenses for the first half of 2024 were RMB 908,125 thousand, up from RMB 841,540 thousand in the first half of 2023[110] Cash Flow and Financial Position - The company's cash reserves stood at RMB 7.1 billion as of the end of the reporting period[11] - The company repurchased 12,286,900 Class A shares in the first half of 2024, spending a total of HKD 204 million[22] - The company provided over RMB 1 million in fee reductions for more than 100 affected workshop stores in disaster-stricken areas[21] - Total non-current assets as of June 30, 2024, increased to RMB 4,075.8 million, up from RMB 3,493.4 million as of December 31, 2023[47] - Total current assets as of June 30, 2024, stood at RMB 7,703.2 million, a decrease from RMB 8,271.3 million as of December 31, 2023[47] - Total current liabilities as of June 30, 2024, were RMB 6,435.5 million, down from RMB 6,602.4 million as of December 31, 2023[47] - Net current assets as of June 30, 2024, were RMB 1,267.7 million, compared to RMB 1,668.9 million as of December 31, 2023[47] - Total equity as of June 30, 2024, increased to RMB 4,616.0 million, up from RMB 4,458.3 million as of December 31, 2023[48] - Trade receivables decreased by 5.6% to RMB 206.0 million as of June 30, 2024, compared to RMB 218.2 million as of December 31, 2023, due to enhanced monitoring and management measures[50] - Financial investments increased by 71.3% to RMB 4.54 billion as of June 30, 2024, compared to RMB 2.65 billion as of December 31, 2023, driven by better utilization of cash[52] - Restricted cash decreased to RMB 1.16 billion as of June 30, 2024, from RMB 1.46 billion as of December 31, 2023[53] - Cash and cash equivalents decreased to RMB 1.36 billion as of June 30, 2024, from RMB 2.72 billion as of December 31, 2023[54] - Trade payables and notes payable decreased by 1.6% to RMB 3.83 billion as of June 30, 2024, compared to RMB 3.89 billion as of December 31, 2023[56] - The asset-liability ratio improved to 60.8% as of June 30, 2024, from 62.1% as of December 31, 2023[57] - Total revenue growth rate was 9.3% in 2024, compared to 19.3% in 2023[58] - Gross profit margin increased to 25.9% in 2024 from 24.2% in 2023[58] - Adjusted EBITDA margin (non-IFRS) improved to 6.3% in 2024 from 5.4% in 2023[58] - Net cash generated from operating activities was RMB 718.7 million for the six months ended June 30, 2024, primarily due to pre-tax profit of RMB 289.1 million[62] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 2 billion, primarily due to RMB 4.4 billion in financial investments and RMB 186.5 million in property, plant, and equipment purchases, partially offset by RMB 2.6 billion in financial investment income and RMB 46 million in interest income[63] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 105.5 million, mainly due to RMB 185.6 million in share repurchases and RMB 69.2 million in lease principal payments, partially offset by a reduction of RMB 156.7 million in restricted cash[64] - Capital expenditures for the six months ended June 30, 2024, were RMB 186.8 million, an increase of 11.7% compared to RMB 167.2 million in the same period in 2023[65] - Capital commitments as of June 30, 2024, were RMB 120.2 million, a decrease of 42.4% from RMB 208.8 million as of December 31, 2023, primarily related to the construction of new automated warehouses[66] - The company had no significant contingent liabilities or guarantees as of June 30, 2024[65] - The company had no material acquisitions, significant investments, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[69] - As of June 30, 2024, the company had 4,506 employees, a decrease from 4,691 employees as of June 30, 2023, with total compensation costs of RMB 807.1 million for the six months ended June 30, 2024, compared to RMB 838.7 million in the same period in 2023[69] - Tencent held a 21.4% interest in the company's Class A shares as of June 30, 2024[75] - The company's foreign exchange risk is primarily related to USD-denominated bank balances held by its subsidiaries in China, with no formal hedging policy in place[68] - The company plans to fund future capital expenditures through internal resources, including cash and cash equivalents and proceeds from its global offering[65] - The company has a total of 809,649,955 issued shares as of June 30, 2024, consisting of 741,731,095 Class A shares and 67,918,860 Class B shares[76] - Tencent Holdings Limited is deemed to have an interest in 158,895,235 Class A shares through its controlled entities[76] - FIL Limited is deemed to have an interest in 46,836,555 Class A shares through its controlled entities[76] - Joy Capital Opportunity, L.P. and its related entities hold a total of 44,007,640 Class A shares[77] - Ubiquity Holdings Ltd. holds 42,707,045 Class A shares, with FountainVest China Capital Partners Fund III, L.P. owning 76.84% of Ubiquity Holdings Ltd.[78] - Junxi Limited holds 39,167,585 Class A shares, with Zhou Kui deemed to have an interest in these shares[79] - The 2019 Equity Incentive Plan has granted but unexercised options for 42,774,699 Class A shares as of June 30, 2024[83] - The Post-IPO Share Plan has 39,530,941 restricted share units and 8,143,714 options available for grant as of June 30, 2024[86] - The company issued 60,000 share options under the Second Phase Post-IPO Share Plan (Existing Shares) from the adoption date to June 30, 2024[91] - The total number of shares that may be issued under all share options, restricted shares, restricted share units, and awards granted under the 2019 Equity Incentive Plan, Post-IPO Share Plan, and Second Phase Post-IPO Share Plan (Existing Shares) represents approximately 0.1% of the weighted average number of A shares outstanding for the six months ended June 30, 2024[91] - The net proceeds from the global offering amounted to approximately HK$1,273.3 million[94] - 35% of the net proceeds (HK$445.6 million) were allocated to enhancing supply chain capabilities and R&D for data analytics technology, with HK$161.3 million utilized in the first half of 2024[95] - 20% of the net proceeds (HK$254.7 million) were allocated to expanding the store network and franchisee base, with HK$29.8 million utilized in the first half of 2024[95] - 15% of the net proceeds (HK$191.0 million) were allocated to expanding the store network and franchisee base, with HK$94.7 million utilized in the first half of 2024[95] - 20% of the net proceeds (HK$254.7 million) were allocated to investments related to new energy vehicle owner services and related tools and equipment, with HK$42.0 million utilized in the first half of 2024[95] - 10% of the net proceeds (HK$127.3 million) were allocated to working capital and general corporate purposes, with HK$14.8 million utilized in the first half of 2024[95] - The total amount of net proceeds utilized in the first half of 2024 was HK$342.6 million, leaving HK$641.5 million unutilized as of June 30, 2024[95] - The company repurchased 12,286,900 Class A shares for a total consideration of approximately HK$204 million between March 18, 2024, and April 22, 2024[98] - The repurchased Class A shares were subsequently canceled on June 3, 2024, and 1,030,720 Class B shares were converted to Class A shares on a one-to-one basis[98] - The company repurchased 2,903,600 Class A shares under the second phase of the post-IPO share plan for a total consideration of approximately HK$50.53 million between July 19, 2024, and the latest practicable date[99] - The company has not purchased, sold, or redeemed any listed securities (including treasury shares) other than the disclosed repurchases during the six months ended June 30, 2024

格局出清+门店扩张促营收稳步增长，自有自控品类持续提升盈利能力 途虎养车(9690.HK)/汽车 证券研究报告/公司点评 2024 年 09 月 01 日 | --- | |--------------------------------| | | | | | | | [Table_Title] [Table_Industry] | | 评级：买入（维持） | | 17.98 港元 | | | | 分析师：何俊艺 | | 执业证书编号： S0740523020004 | | 分析师：刘欣畅 | | 执业证书编号： S0740522120003 | | | 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：hejunyi@zts.com.cn | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|------------------------|----------|---------------------------|--------|--------| | [Tab ...

证券研究报告：汽车 | 公司点评报告 股票投资评级 途虎-W (9690.HK) 2024 年 9 月 4 日 买入|维持 个股表现 途虎-W 恒生指数 -100% -50% 0% 50% 2023-09-26 2024-01-09 2024-04-23 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（港元） 17.540 总股本/流通股本（亿股）8.12 / 7.44 | --- | --- | |------------------------------|----------------------| | | | | 总市值 / 流通市值（亿港 元） | 142/ 130 | | 52 周内最高 / 最低价 | 37.70 / 9.01 | | 资产负债率 (%) | 60.81 | | 市盈率 | 21.0 | | | 意像架构投资（香港） | | 第一大股东 | 有限公司 | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 研究助理:殷先伟 SAC 登记编号:S1340123080022 Email:yinxian ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company achieved revenue of 7.126 billion in 24H1, a year-on-year increase of 9.3%, with adjusted net profit of 358 million, up 67.3% year-on-year, and adjusted net profit margin of 5.0%, up 1.2 percentage points quarter-on-quarter [4] - The company's gross profit margin reached 25.9% in 24H1, up 1.7 percentage points year-on-year, benefiting from scale effects and product/business structure improvements [4] - The number of workshop stores reached 6,311 by 24H1, a net increase of 402 from the end of the previous year, with a user repurchase rate of 61.1% as of June 2024 [5] - The company expanded its service categories, with over 5,300 workshop stores nationwide equipped with car washing capabilities by June 2024 [6] - Revenue for 2024/25/26 is projected to be 14.787/16.846/18.917 billion, with net profit attributable to the parent company expected to be 543/997/1,449 million, corresponding to a PE ratio of 24/13/9 times [7] Business Performance - Revenue from tire and chassis parts/car maintenance/advertising, franchise, and other businesses increased by 11%/11%/4% respectively in 24H1, with gross profit margins for tire and chassis parts/advertising, franchise, and other businesses improving [4] - The company's proprietary and self-controlled products accounted for an increasing proportion of revenue in 24H1, driven by product strategies aligned with consumer trends [4] - The company sold over 1.5 million self-controlled tires produced by Double Star and Double Coin in 24H1, and its proprietary maintenance brand covered 30 categories, with 21 million products sold by June 2024 [6] Financial Projections - Revenue growth rates for 2024/25/26 are projected at 9%/14%/12%, with net profit growth rates of -92%/83%/45% [8] - Gross profit margins are expected to be 25.75%/27.07%/28.27% for 2024/25/26, with net profit margins of 3.68%/5.92%/7.66% [9] - ROE is projected to be 10.84%/16.57%/19.39% for 2024/25/26, with ROIC at 8.20%/13.95%/16.38% [9] Operational Metrics - The company's asset-liability ratio is expected to decrease from 60.52% in 2024 to 57.05% in 2026 [9] - The current ratio is projected to improve from 1.32 in 2024 to 1.53 in 2026, with the quick ratio increasing from 0.78 to 1.01 over the same period [9] - Total asset turnover is expected to remain stable at around 1.2-1.3 times from 2024 to 2026 [9]

汽车/汽车服务 F原证券 公 司 研 究 途虎-W（09690.HK） 2024 年 09 月 03 日 门店维持高速扩张，利润率稳步提升 ——港股公司信息更新报告 投资评级：买入（维持） 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 日期 2024/9/3 公司盈利能力持续提升，国内最大的独立汽车服务平台地位不断加强 途虎-W 发布 2024 年半年报，2024 年上半年实现营业收入 71.26 亿元，yoy+9.3%； 实现经调整净利润 3.58 亿元，yoy+67.3%；2024H1 实现综合毛利率 25.9%，同 比提升 1.7pct。截至 2024 年 6 月，公司累计 12 个月交易用户数达到 2140 万人， yoy+18.8%，延续了中国最大的独立汽车服务平台的地位。尽管汽修是个相对刚 性的需求，但考虑到消费意愿下滑的影响，车主或选择更具性价比的产品及降低 使用私家车的频率，一定程度上增加了磨损件的更换周期，对途虎收入增长具有 一定影响。2022-202 ...

汽车/汽车服务 F原证券 公 司 研 究 途虎-W（09690.HK） 2024 年 09 月 03 日 门店维持高速扩张，利润率稳步提升 ——港股公司信息更新报告 投资评级：买入（维持） 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 日期 2024/9/3 公司盈利能力持续提升，国内最大的独立汽车服务平台地位不断加强 途虎-W 发布 2024 年半年报，2024 年上半年实现营业收入 71.26 亿元，yoy+9.3%； 实现经调整净利润 3.58 亿元，yoy+67.3%；2024H1 实现综合毛利率 25.9%，同 比提升 1.7pct。截至 2024 年 6 月，公司累计 12 个月交易用户数达到 2140 万人， yoy+18.8%，延续了中国最大的独立汽车服务平台的地位。尽管汽修是个相对刚 性的需求，但考虑到消费意愿下滑的影响，车主或选择更具性价比的产品及降低 使用私家车的频率，一定程度上增加了磨损件的更换周期，对途虎收入增长具有 一定影响。2022-202 ...

证 券 研 究 报 告 途虎-W（09690.HK）2024 年中报点评 推荐（维持） 利润率提升，客单价下降，公司不断提升竞争优势 目标价：24 港元 事项： ❖ 途虎养车 24 年上半年实现收入 71.3 亿元，yoy+9.3%，毛利 18.5 亿元，yoy+17%， 毛利率 25.9%，较 23 年同期+1.7pct；实现经营利润 2.12 亿元，经营利润率 3.0%，较 23 年同期+1.0pct；实现经调整 EBITDA 4.5 亿元，yoy+28%，EBITDA margin 6.3%，较去年同期+0.9pct；实现经调整净利润 3.6 亿元，yoy+67%，经 调整净利润率 5.0%，较去年同期+1.7pct。 评论： 公司研究 商贸零售 2024 年 08 月 28 日 当前价：17.92 港元 华创证券研究所 证券分析师：姚婧 邮箱：yaojing@hcyjs.com 执业编号：S0360522090001 证券分析师：王薇娜 电话：010-66500993 邮箱：wangweina@hcyjs.com 执业编号：S0360517040002 公司基本数据 总股本(亿股) 8.12 已上市流 ...