Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Insights - The company continues to enhance its profitability and solidify its position as the largest independent automotive service platform in China, achieving a revenue of 7.126 billion yuan in the first half of 2024, a year-on-year increase of 9.3%, and an adjusted net profit of 358 million yuan, a year-on-year increase of 67.3% [3] - The company has expanded its store network significantly, with a total of 6,311 stores nationwide as of the first half of 2024, reflecting a strategic focus on lower-tier cities where over 58% of new stores are located [4] - The gross profit margin for automotive products and services improved by 1 percentage point compared to the first half of 2023, with tire gross margin increasing by 1.5 percentage points to 17.5% and car wash and beauty services gross margin rising by 5.7 percentage points to 18.8% [4] Financial Summary and Valuation Metrics - For the fiscal years 2022 to 2026, the company is projected to have the following financial metrics: - Revenue (in million yuan): 11,547 (2022), 13,601 (2023), 14,698 (2024E), 15,850 (2025E), 16,946 (2026E) [5] - Net Profit (in million yuan): -2,136 (2022), 6,703 (2023), 511 (2024E), 810 (2025E), 1,036 (2026E) [5] - Gross Margin (%): 19.7 (2022), 24.7 (2023), 26.1 (2024E), 27.0 (2025E), 27.5 (2026E) [5] - EPS (in yuan): -2.61 (2022), 8.19 (2023), 0.62 (2024E), 0.99 (2025E), 1.26 (2026E) [5] - P/E Ratios: 25.9 (2024E), 16.3 (2025E), 12.8 (2026E) [5] Market Position and Strategy - The company has maintained its leading position in the automotive service sector, with a total of 21.4 million active users over the past 12 months, reflecting an 18.8% year-on-year growth [3] - The strategic focus on cost-effective products and services is expected to drive further improvements in gross margins, as consumer preferences shift towards higher value offerings [4]

Investment Rating - The report maintains a "Recommend" rating for Tuhu-W (09690 HK) with a target price of HKD 24 [1] Core Views - Tuhu-W achieved revenue of RMB 7 13 billion in H1 2024, a YoY increase of 9 3%, with gross profit of RMB 1 85 billion, up 17% YoY, and a gross margin of 25 9%, up 1 7 percentage points YoY [1] - Adjusted EBITDA reached RMB 450 million, up 28% YoY, with an EBITDA margin of 6 3%, up 0 9 percentage points YoY [1] - Adjusted net profit was RMB 360 million, a YoY increase of 67%, with an adjusted net profit margin of 5 0%, up 1 7 percentage points YoY [1] - The company added 402 new stores in H1 2024, with over 60% located in lower-tier cities, bringing the total number of workshops to 6,311, a 23% YoY increase [1] - Registered users reached 126 million, up 21% YoY, with 21 4 million transacting users, up 19% YoY, and a user penetration rate of 17% [1] - The average monthly active users (MAU) of the Tuhu app reached 11 5 million, with a repurchase rate of 61 1% among transacting users [1] Store Expansion and User Growth - Tuhu-W added 402 new stores in H1 2024, with over 60% located in lower-tier cities, bringing the total number of workshops to 6,311, a 23% YoY increase [1] - The company's self-operated stores decreased by 3, while franchise stores increased by 405, outperforming the industry average, which saw a contraction of 2,000 traditional 4S stores [1] - The company expects to open 1,000 new stores in 2024, with franchise applications up 22% YoY and store setup time reduced to 27 days [1] - Registered users reached 126 million, up 21% YoY, with 21 4 million transacting users, up 19% YoY, and a user penetration rate of 17% [1] Financial Performance - Revenue from automotive products and services reached RMB 6 6 billion, up 9 6% YoY, with tire and chassis components contributing 42% of total revenue [1] - Car maintenance revenue was RMB 2 6 billion, up 11% YoY, contributing 37% of total revenue [1] - Other products and services revenue was RMB 380 million, up 4% YoY, with self-controlled and exclusive products accounting for 71 7% of total revenue, up 3 4 percentage points YoY [1] - The company's gross margin for tire and chassis components increased by 2 percentage points [1] Valuation and Forecast - The report forecasts adjusted net profit for 2024-2026 to be RMB 725 million, RMB 939 million, and RMB 1 17 billion, respectively, with a target price of HKD 24 based on a 25x PE multiple for 2024 [1] - The company's revenue growth is expected to be 8 0% in 2024, 8 6% in 2025, and 8 5% in 2026 [2] - Adjusted net profit growth is projected at 51% in 2024, 30% in 2025, and 25% in 2026 [2] Market Position and Competitive Advantage - Tuhu-W's competitive landscape is better than its overseas peers, with a strong presence in lower-tier cities and a high user repurchase rate [1] - The company's self-controlled and exclusive products account for 71 7% of total revenue, up 3 4 percentage points YoY, driving gross margin improvements [1] - Tuhu-W's MAU in transacting users contributes 54%, with a repurchase rate of 61 1%, indicating strong user loyalty [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.00, indicating a potential upside of 38.2% from the current closing price of HKD 17.36 [1][7]. Core Insights - The company's mid-2024 performance met expectations, with an anticipated revenue growth of 8% year-on-year to RMB 14.7 billion and an adjusted net profit of RMB 730 million, corresponding to a net profit margin of 5% [1][5]. - The report highlights that while consumer demand for cost-effectiveness is pressuring average transaction values, the trend of improving profit margins remains intact. The company is focusing on expanding its factory store network and optimizing its product mix to increase the share of high-margin proprietary and self-controlled products, which currently account for approximately 70% of sales [1][4]. - The company has made significant progress in its store expansion, with a total of 6,311 factory stores as of June 30, 2024, an increase of 402 stores from the end of 2023, with over 60% of new stores located in lower-tier cities [1][5]. Financial Summary - For the first half of 2024, the company reported revenue of RMB 7.1 billion, a year-on-year increase of 9.3%, with a gross margin improvement of 1.7 percentage points to 26% [1][5]. - The adjusted net profit for the first half of 2024 was RMB 360 million, reflecting a 67% year-on-year increase, maintaining a net profit margin of 5% [1][5]. - The report projects revenue growth for 2024E at RMB 14.7 billion, with gross profit expected to reach RMB 3.9 billion, resulting in a gross margin of 26.4% [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a significant year-on-year growth in performance for H1 2024, with total revenue reaching 7.1 billion yuan, an increase of 9.3% compared to the previous year. Adjusted net profit was 358 million yuan, up 67.3% year-on-year [3] - The expansion of the store network and the increase in product categories have driven revenue growth. The company optimized online promotion and expanded its workshop store network, reaching 6,311 stores nationwide, with 402 new stores added. This expansion increased the revenue from tires and chassis components from 5 billion yuan in H1 2023 to 5.6 billion yuan in H1 2024, a growth of 10.9% [3] - The company has also introduced more services such as car cleaning and beauty at its workshop stores, which, along with a membership card program, has contributed to increased revenue from other products, rising from 364 million yuan in H1 2023 to 380 million yuan in H1 2024, a growth of 4.3% [3] - The revenue structure optimization has led to a continuous increase in gross margin, which was 25.9% in H1 2024, up 1.7 percentage points year-on-year. This improvement is attributed to better terms from suppliers, increased contribution from proprietary and self-controlled products, and a reduction in low-margin electric vehicle sales [3] Financial Projections - The company is expected to achieve revenues of 14.64 billion yuan, 16.20 billion yuan, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 700 million yuan, 1.09 billion yuan, and 1.56 billion yuan for the same years. The corresponding price-to-earnings ratios (PE) are expected to be 19.13, 12.29, and 8.60 times [3][6]

Investment Rating - The investment rating for the company is "Buy" [7][10]. Core Views - The company is expected to achieve steady revenue growth with projected revenues of 14.86 billion, 16.25 billion, and 17.83 billion CNY for 2024, 2025, and 2026, respectively, corresponding to growth rates of 9.3%, 9.4%, and 9.7% [10][11]. - Adjusted net profits are forecasted to be 768 million, 1.18 billion, and 1.62 billion CNY for the same years, with growth rates of 59.6%, 53.8%, and 37.1% [10][11]. - The adjusted EPS is projected to be 0.95, 1.45, and 1.99 CNY per share for 2024, 2025, and 2026, respectively [10][11]. - The adjusted PE ratios are expected to be 17.0x, 11.0x, and 8.0x for the years 2024 to 2026 [10][11]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 7.13 billion CNY, representing a year-on-year increase of 9.3%, and an adjusted net profit of 360 million CNY, up 67.3% year-on-year [10][11]. - The number of transaction users reached 21.4 million, an increase of 18.8% year-on-year, and the total number of Tuhu workshop stores grew to 6,311, with 402 new stores added since the end of 2023 [10][11]. Revenue Breakdown - Revenue from tires and chassis components, automotive maintenance, and other automotive products and services showed year-on-year growth rates of 11.0%, 10.7%, and 4.3%, respectively [10][11]. - The growth in the automotive maintenance segment was slightly lower due to macroeconomic influences, while the automotive beauty business was a significant growth driver for other automotive products and services [10][11]. Profitability - The company achieved a comprehensive gross margin of 25.9% in H1 2024, an increase of 1.7 percentage points year-on-year [11]. - The gross margins for various segments were as follows: tires and chassis components (+1.5 percentage points), automotive maintenance (-0.6 percentage points), and other automotive products and services (+5.5 percentage points) [11]. - The adjusted net profit margin improved to 5.0%, up 1.7 percentage points year-on-year, due to enhanced internal management efficiency [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite market pressures [5][6]. Core Insights - The company reported a revenue of 7.1 billion HKD for the first half of 2024, a year-on-year increase of 9.3%, and an adjusted net profit of 358 million HKD, up 67.3% year-on-year [5]. - The gross profit margin improved to 25.9%, reflecting a 1.7 percentage point increase year-on-year, indicating stable revenue and profitability [5]. - The company opened 402 new stores in the first half of 2024, bringing the total to 6,631 stores, with 58.2% located in lower-tier markets [5]. - The platform has accumulated 126 million registered users, with 11.5 million monthly active users, a 15.8% increase year-on-year [5]. - The company is focusing on enhancing service quality and user experience, which has led to a 40% reduction in complaints related to excessive sales practices [5]. Financial Summary - The company forecasts total revenue for 2024 to be 14.67 billion HKD, with a projected net profit of 570 million HKD, corresponding to a PE ratio of 22 [6][7]. - Revenue growth rates are expected to be 7.8% in 2024, 10.5% in 2025, and 11.1% in 2026 [7]. - The net profit is projected to increase significantly, with estimates of 1.008 billion HKD in 2025 and 1.434 billion HKD in 2026, reflecting a strong recovery from previous losses [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 7.13 billion yuan in H1 2024, a year-on-year increase of 9.3%, which is in line with Bloomberg consensus expectations. Net profit reached 280 million yuan, a significant year-on-year increase of 378.0%, with a net profit margin of 4.0%, up 3.1 percentage points year-on-year. Adjusted net profit was 360 million yuan, up 67.3% year-on-year, exceeding Bloomberg consensus expectations [2][3] - The company continues to see accelerated growth in trading users and an increase in market share, with registered users reaching 126.40 million as of June 30, 2024, an increase of 11.10 million since the beginning of the year. The number of trading users in the past 12 months was 21.4 million, reflecting a year-on-year growth of 18.8% [3] - The company has effectively controlled costs and improved financial health, achieving a gross margin of 25.9% in H1 2024, an increase of 1.7 percentage points year-on-year, which is better than market expectations [4][8] Summary by Sections Financial Performance - Total revenue for 2022 was 11.563 billion yuan, with a year-on-year decrease of 1.42%. In 2023, revenue increased to 13.606 billion yuan, a growth of 17.67%. Forecasts for 2024, 2025, and 2026 are 14.667 billion yuan, 16.145 billion yuan, and 17.769 billion yuan respectively, with year-on-year growth rates of 7.80%, 10.07%, and 10.06% [2][9] - The company reported a net profit of 6.703 billion yuan in 2023, with a forecasted net profit of 577.40 million yuan in 2024, reflecting a significant decrease of 91.39%. However, the adjusted net profit is expected to recover to 1.044 billion yuan in 2025 and 1.601 billion yuan in 2026, with growth rates of 80.74% and 53.43% respectively [2][9] User Growth and Market Position - The company has expanded its store network, with 6,311 stores as of June 30, 2024, an increase of 402 stores since the beginning of the year. The demand for franchise applications has increased by 22% year-on-year, indicating strong franchise demand [3] - The company has also made significant strides in the new energy vehicle service sector, with service capabilities covering 73 cities and a user penetration rate of 8.4% as of June 30, 2024 [3] Cost Management and Operational Efficiency - The company has improved its operational efficiency, with a decrease in average rental costs per square meter by 6.7% year-on-year, while warehouse space increased by 5.9% [4][8] - The gross margin for the tire and chassis parts business has increased, driven by better supplier terms and a higher contribution from proprietary products, which typically have higher profit margins [4]

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 7,126.2 million, representing a 9.3% increase from RMB 6,521.6 million in the same period of 2023[6]. - Gross profit for the same period was RMB 1,845.8 million, with a gross margin of 25.9%, up 1.7 percentage points from 24.2% in 2023[6]. - Adjusted net profit increased by 67.3% to RMB 358.2 million compared to RMB 214.0 million in the previous year[6]. - Operating profit increased significantly to RMB 211.9 million from RMB 66.7 million year-on-year[35]. - The company reported a net profit of RMB 284.3 million for the six months ended June 30, 2024, compared to RMB 59.5 million in the same period of 2023, marking a significant increase[100]. - The company reported a pre-tax profit of RMB 289,110 thousand for the first half of 2024, significantly higher than RMB 70,136 thousand in the first half of 2023, representing an increase of 312%[105]. - Adjusted EBITDA (non-IFRS measure) for the six months ended June 30, 2024, was RMB 449.6 million, compared to RMB 351.8 million for the same period in 2023[58]. - The company reported an adjusted EBITDA of RMB 449.6 million, compared to RMB 351.8 million in the previous year[35]. User Growth and Engagement - The number of registered users reached 126.4 million, a 20.7% increase from 104.8 million in 2023[8]. - The number of transaction users grew by 18.8% to 21.4 million from 18.0 million in the previous year[8]. - Monthly active users reached 11.5 million, reflecting a 15.8% year-on-year growth[10]. Operational Expansion - The number of Tuhu workshop stores increased by 23.0% to 6,311, with franchise stores growing by 24.0% to 6,162[8]. - As of June 30, 2024, the company has expanded its store network to 6,311 locations, an increase of 402 stores compared to the end of 2023, covering over 1,700 county-level areas[14]. - The company has established partnerships with 12 strategic franchisees, including Dongfeng South and Sinopec, with 14 stores opened in collaboration with Dongfeng South by the end of June 2024[14]. - The average time from store application to signing has decreased from 73 days to 27 days, a 63% improvement, with franchise application volume up 22% year-on-year[15]. Product and Service Development - During the first half of 2024, the company launched new services and products, including a "Gold Medal Warranty" service in collaboration with over 20 tire companies[11]. - The company sold over 1.5 million self-controlled tires in the first half of 2024, leveraging partnerships with major domestic brands[18]. - The company has sold 21 million items from its own maintenance brand by June 30, 2024, covering 30 product categories[21]. - Online payment orders for car wash and light beauty services increased by 51% year-on-year in the first half of 2024, supported by enhanced customer experience initiatives[22]. - The company launched a new product line with 617 specialized items for a leading new energy vehicle brand[26]. Financial Position and Assets - Total non-current assets increased from RMB 3,493.4 million as of December 31, 2023, to RMB 4,075.8 million as of June 30, 2024[63]. - Current assets decreased from RMB 8,271.3 million as of December 31, 2023, to RMB 7,703.2 million as of June 30, 2024, primarily due to a reduction in cash and cash equivalents[64]. - Total equity increased from RMB 4,458.3 million as of December 31, 2023, to RMB 4,616.0 million as of June 30, 2024[65]. - Financial investments as of June 30, 2024, reached RMB 4.54 billion, an increase of 71.3% from RMB 2.65 billion as of December 31, 2023, attributed to better cash utilization[72]. - The asset-liability ratio improved to 60.8% as of June 30, 2024, compared to 62.1% as of December 31, 2023[84]. Cash Flow and Investments - Net cash flow from operating activities for the six months ended June 30, 2024, was RMB 718.7 million, slightly up from RMB 714.8 million for the same period in 2023[86]. - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 1.98 billion, significantly higher than RMB 267.2 million for the same period in 2023[88]. - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 105.5 million, compared to RMB 7.8 million for the same period in 2023[89]. Shareholder and Corporate Governance - The company repurchased 12,286,900 Class A shares for a total expenditure of HKD 204 million in the first half of the year[34]. - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[122]. - The audit committee reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024, with no disagreements on accounting treatment[136]. - The independent auditor conducted a review of the interim financial data in accordance with the relevant standards, ensuring compliance with financial reporting requirements[137]. - The board expresses sincere gratitude to shareholders, management team, employees, business partners, and customers for their support and contributions[140]. Market and Strategic Initiatives - The company achieved over 100% growth in transaction volume on Douyin's local life service platform compared to the same period last year[12]. - The company has integrated charging service providers, establishing 46,000 charging stations, accounting for 28.3% of the national public charging station resources[26]. - The number of new energy payment users reached 1.85 million, with a penetration rate of 8.4% as of June 30[28]. - The company has established partnerships with two major commercial insurance companies to explore battery extended warranty services[25].

上 市 公 司 公 司 点 评 / 公 司 点 评 2024 年 08 月 16 日 途虎-W (09690) ——24H1 前瞻：自有品稳定毛利率抵抗行业下行冲击 报告原因：有信息公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 15 日 | | 收盘价（港币） | 16.00 | | 恒生中国企业指数 | 6035.27 | | 52 周最高/最低（港币） | 37.70/9.01 | | H 股市值（亿港币） | 129.90 | | 流通 H 股（百万股） | 743.98 | | 汇率（人民币/港币） | 1.0914 | 一年内股价与基准指数对比走势： -65% -15% 35% 09/2610/2611/2612/2601/2602/2603/2604/2605/2606/2607/26 HSCEI 途虎-W 资料来源：Bloomberg 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 戴文杰 (8621)23 ...

2024 年 08 月 13 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 杨仁文S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 袁冠S0350524050001 | | | yuang@ghzq.com.cn | [Table_Title] 盈利能力稳步提升，市占率提升可期 ——途虎-W（09690）2024 年中报业绩前瞻 2024 年中报业绩前瞻 我们预计公司 2024H1 营业收入 71.5 亿 元，同比增长 9.6%，经调整净利润约 3.4 亿元，净利率约 4.7%。 行业低迷，不改拓店趋势 据 F6 汽车科技公众号，2024 年 H1 后市场产值及台次同比均增长+1%，2024Q2 产值/台次分别同比下 滑-2%、-1%。分品类看，维修、轮胎业务台次同比增长+4%、+3%， 保养同比持平，其他同比下滑。公司的营收增长主要来自门店新增， 我们预计公司全年新增门店约 1000 家，且途虎养车工厂店公众号 2024 年 ...