Investment Rating - The report assigns an "Accumulate" rating for the company [2]. Core Views - The company is positioned as a leading O2O automotive service provider with significant competitive advantages in scale, supply chain, and operational capabilities, and has ample room for store expansion and profit optimization [4]. - The automotive service market in China is expected to exceed one trillion yuan, driven by the growth of the existing vehicle fleet and the increasing average age of vehicles [4][20]. - The company is projected to achieve revenues of 15.78 billion, 18.17 billion, and 20.44 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 16%, 15%, and 12% [4][12]. - Adjusted net profits are expected to be 874 million, 1.475 billion, and 2.186 billion yuan for the same years, with growth rates of 82%, 69%, and 48% [4][14]. Summary by Sections 1. Investment Recommendations - The company is expected to have a revenue growth of 16% in 2024, 15% in 2025, and 12% in 2026, with adjusted net profits growing significantly during the same period [12][14]. - The target market capitalization for 2024 is set at 18.9 billion HKD, based on a PE ratio of 20x, which is above the industry average [4][17]. 2. Automotive Service Market - The automotive service market in China is projected to grow significantly, benefiting from the increase in the existing vehicle fleet and the aging of vehicles [20][21]. - The market is characterized by a low frequency of service needs, with the DIFM model dominating, which emphasizes offline fulfillment and trust relationships [4][20]. 3. Company Overview - The company has established a vast network of offline stores and collaborates directly with automotive parts suppliers, enhancing its supply chain efficiency [4][20]. - The company’s core competencies include direct procurement and strong control over store operations, supported by a comprehensive technology service system [4][20]. 4. Growth Potential - The company has significant growth potential with an estimated store expansion of 1,500 new stores annually, aiming to exceed 10,000 stores by 2026 [12][14]. - The gross profit margin is expected to improve due to an optimized business structure and increased bargaining power with suppliers [14][15]. 5. Financial Projections - The company’s total revenue is projected to reach 15.78 billion yuan in 2024, with a gross profit of 4.185 billion yuan, leading to a gross margin of 26.5% [15]. - The adjusted net profit is expected to turn positive, with a significant increase in profitability anticipated in the coming years [15][17].

海 外 研 证券研究报告 究 ＃industryId＃ 汽车 ＃investSuggestion＃ ＃09690 .HK ＃dy途Com虎pa-nWy＃ dyStockco ＃ de＃ 规 模效 应持续增强＃，tit盈le＃利 能力稳步提升， 买入 ( i上nve调stS ） uggesti 3 回购股份展示信心 onC han ge＃ ＃createTime1＃ 2024年 4月 2日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃summary＃ 跟 规模效应持续增强，盈利能力稳步提升。2023 年，途虎实现销售收入 136.01 亿 日期 2024.3.28 踪 元，同比增长 17.8%；实现毛利 33.59 亿元，同比增长 48.0%；毛利率达到 收盘价（港元） 15.34 24.7%，同比提升 5 个百分点。分业务类型来看，轮胎和底盘零部件业务收入同 报 总股本（百万股） 819 比增长 20.9%，毛利率同比提升 3.3 个百分点至 17.4%；汽车保养业务收入同比 告 净资产（亿元） 44.58 增长 22.5%，毛利率同比提升 2.8 个百分点至 32.4%。公司运营费用持续摊薄， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved its first annual profit in 2023, with a net profit of 480 million RMB, representing a net profit margin of 3.5% [2][4] - The company announced a share buyback plan of up to 1 billion HKD, reflecting confidence in its business outlook and potential to create value for shareholders [2] - Revenue for 2023 reached 13.6 billion RMB, a year-on-year increase of 17.8%, with a gross profit of 3.4 billion RMB and a gross margin of 24.7% [2][4] User Growth and Brand Development - As of the end of 2023, the company had 115 million registered users, with over 19.3 million users placing orders on the platform [3] - The company achieved a repurchase rate of nearly 60% among users, contributing to half of its total revenue [3] - Customer satisfaction reached 94.2%, an increase of 1.5 percentage points from 2022 [3] Store Expansion and Channel Development - The company operated 5,909 service centers nationwide by the end of 2023, an increase of 1,256 centers compared to the previous year [3] - The company is focused on expanding into lower-tier cities, with 3,420 service centers in second-tier cities and below, an increase of 881 centers year-on-year [3] Development of New Energy Vehicle Services - The company is an official after-sales service provider for 13 major battery manufacturers, offering warranty services to new energy vehicle owners [3] - By 2023, over 1.3 million users on the platform were related to new energy vehicle transactions, with a penetration rate of 9.3% among hybrid vehicle users [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 904 million RMB, 1.476 billion RMB, and 2.138 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.96, 6.10, and 4.21 [4][5] - Revenue projections for 2024, 2025, and 2026 are 15.824 billion RMB, 18.362 billion RMB, and 21.180 billion RMB, with growth rates of 16% for each year [5][6]

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月18日 港元13.70 港元26.00↓ +89.8% 途虎 (9690 HK) 解禁带来股价短期波动；管理层回购显示业绩稳定增长信心  2023年收入符合预期，利润好于预期。收入136亿元（人民币，下同）， 个股评级 同比增18%，与我们/彭博市场预期基本一致。调整后净利润4.8亿元，净 买入 利率3.5%，对比2022年亏损5.5亿元，好于我们/彭博市场预期的3.2亿 /3.8亿元，得益于销售结构优化和运营效率提升，毛利率同比提升5个百 分点至25%。 1年股价表现  业绩要点：1）汽车产品及服务：收入同比增18%，毛利率提升3.5个百分 9690 HK 恒生指数 30% 点，得益于高毛利的保养业务占比提升、规模优势带来采购成本下降以及 20% 10% 专供和自有品占比提升（2023年42%/26% vs. 2022年41%/17%）。2）广 0% -10% 告加盟及其他：收入同比增16%，较我们预期高4%，其中加盟收入增长 -20% 主要来自工场店数量增加（增1,256家，下沉市场占比70%）和单店盈利 -30% -40% 能力 ...

M N 18 Mar 2024 CMB International Global Markets | Equity Research | Company Update Tuhu Car (9690 HK) Solid FY23 with better profitability Target Price HK$35.3 Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue (Previous TP HK$50.10) +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus). Looking Up/Downside 195.2% into FY24E, we are positive on its resilient growth (forecasting revenue + 16% Current Price HK$11.96 YoY), backed by workshop expansion, richer offerings, ...

汽车/汽车服务 公 司 研 途虎-W（09690.HK） 首次实现全年盈利，规模效应打开未来成长空间 究 2024年03月17日 ——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 chennuo@kysec.cn 证 书编号：S0790522080001 证书编号：S0790123070031 日期 2024/3/15 港 当前股价(港元) 11.960  首次实现全年盈利，回购彰显业绩信心 股 一年最高最低(港元) 37.700/9.010 途虎-W发布2023年年报，公司2023年实现营业收入136.01亿元，yoy+17.6%； 公 司 总市值(亿港元) 97.94 实现经调整 EBITDA7.58 亿元，经调整净利润 4.82 亿元，首次实现全年盈利。 信 流通市值(亿港元) 97.94 2023年公司综合毛利率为24.7%，较去年同期提升5pct。截至2023年底，途虎 息 总股本(亿股) 8.19 的注册用户已达到1.15亿人，全年交易用户超过1930万人。此外，公司3月15 更 新 流通港股(亿股) 8.19 日发布回购 ...

Investment Rating - The report maintains a "Buy" rating for Tuhu-W (9690.HK) with a target price of 11.96 HKD, reflecting a positive outlook on the company's future performance [2]. Core Insights - Tuhu-W achieved a revenue of 13.6 billion RMB in 2023, representing a year-on-year growth of 17.8%. The adjusted net profit for the same period was 484 million RMB, marking a significant increase of 188% [1][2]. - The company's revenue structure is improving, with a historical high gross margin of 24.7% in 2023, up by 5.0 percentage points year-on-year. The automotive maintenance business, which has a gross margin of 32.4%, is contributing to this improvement [1]. - Tuhu's expansion strategy is effective, with 5,909 service stores by the end of 2023, an increase of 1,256 stores throughout the year. This expansion is expected to meet the growing demand for vehicle maintenance as car usage increases [1]. - The management has announced a share buyback plan, indicating confidence in the company's long-term growth potential. The buyback amount will not exceed 10 million HKD, representing over 10% of the company's market capitalization [1]. Financial Forecasts - The report projects revenues for 2024, 2025, and 2026 to be 15.79 billion RMB, 18.38 billion RMB, and 21.18 billion RMB, respectively. Adjusted net profits are expected to be 848 million RMB, 1.51 billion RMB, and 2.10 billion RMB for the same years [2][7]. - The adjusted EPS is forecasted to be 1.04 RMB, 1.84 RMB, and 2.56 RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11, 6, and 4 times [2][7].

Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 13.6 billion, a 17.8% increase from RMB 11.5 billion in 2022[8]. - Gross profit for 2023 was RMB 3.36 billion, corresponding to a gross margin of 24.7%, up 5.0 percentage points from the previous year[10]. - Adjusted net profit for 2023 was RMB 481.3 million, compared to a loss of RMB 551.9 million in 2022[8]. - The company's operating profit improved to RMB 161.5 million in 2023 from a loss of RMB 763.9 million in 2022[1]. - The net profit for 2023 was RMB 6.7 billion, a significant turnaround from a net loss of RMB 2.1 billion in 2022[49]. - Adjusted EBITDA for the year was RMB 757.8 million, a significant recovery from a loss of RMB 186.5 million in the previous year[1]. - The company's revenue for the year ended December 31, 2023, was RMB 13.6 billion, an increase of 17.8% compared to RMB 11.5 billion for the year ended December 31, 2022[32]. - Automotive products and services revenue grew by 17.9% from RMB 10.7 billion in 2022 to RMB 12.6 billion in 2023, driven by increased travel demand post-pandemic[34]. User Growth and Engagement - The number of transaction users increased to 19.3 million, a growth of 16.9% from 16.5 million in 2022[9]. - Registered users reached 115.3 million, representing a 20.7% increase from 95.5 million in 2022[9]. - The user repurchase rate was nearly 60%, with half of the total revenue generated from repeat customers[11]. - Customer satisfaction reached 94.2% in 2023, up 1.5 percentage points from the previous year, indicating the company's leading position in the industry[13]. Store Expansion and Network - The number of Tuhu workshop stores increased to 5,909, a 27.0% rise from 4,653 in 2022[9]. - By the end of 2023, the company had expanded its store network to 5,909 locations, an increase of 1,256 stores compared to the same period in 2022, covering over 300 cities across all provincial-level administrative regions in China[15]. - The number of stores in second-tier and lower cities reached 3,420 by the end of 2023, with 881 new stores added compared to the previous year, highlighting the potential in lower-tier markets[15]. Operational Efficiency - Operating expenses as a percentage of total revenue decreased to 24.4%, down 3.2 percentage points from the previous year[10]. - The average daily store visits by supervisors increased by 28.6% to 1.8 stores per day by the end of 2023, following the implementation of a new intelligent task allocation system[18]. - The proportion of profitable stores that have been open for more than six months increased from 81% in December 2022 to 93% in December 2023[18]. Product and Service Development - The automotive maintenance business gross profit rose to RMB 1.6 billion, a 34.3% increase from RMB 1.2 billion in 2022[10]. - The company has expanded its product matrix by over 700 SKUs in the tire category, adapting to consumer trends and preferences[20]. - The automotive maintenance business has expanded to over 41 categories and more than 8,000 SKUs, emphasizing a scientific approach to user recommendations[21]. - In 2023, revenue from exclusive and self-controlled products accounted for 42.4% and 25.9% of automotive product and service revenue, respectively[22]. Financial Position and Assets - The company's total assets as of December 31, 2023, were RMB 11.76 billion, an increase from RMB 8.01 billion in 2022[120]. - Current assets reached RMB 8,271,281 thousand, an increase from RMB 6,905,846 thousand in 2022, with cash and cash equivalents slightly rising to RMB 2,715,285 thousand[75]. - The company's total liabilities decreased significantly from RMB 22,398,481 thousand in 2022 to RMB 704,013 thousand in 2023, primarily due to the elimination of convertible redeemable preferred shares[76]. - The company's net asset value improved to RMB 4,458,319 thousand in 2023 from a negative net asset value of RMB (18,956,564) thousand in 2022[76]. Cash Flow and Investments - Operating cash flow for 2023 was RMB 1.02 billion, a significant recovery from a cash outflow of RMB 312.7 million in 2022[102]. - The net cash flow from financing activities in 2023 was RMB 1.3 billion, mainly resulting from the net proceeds from the global offering of Class A shares[106]. - The company reported a net cash outflow from investing activities of RMB 2,371,766 thousand in 2023, compared to a cash inflow of RMB 481,347 thousand in 2022[123]. Corporate Governance and Future Plans - The company has adhered to all applicable corporate governance codes since its listing date, with no reported breaches by senior management[160][161]. - The company plans to continue focusing on expanding its franchise network and enhancing its SaaS solutions to drive future revenue growth[78]. - The company emphasizes the importance of artificial intelligence in its future business plans and strategies[177]. - The company is exploring potential mergers and acquisitions to accelerate growth and market expansion[178].

Core Points - The Ministry of Industry and Information Technology (MIIT) has announced the second batch of 2024 regarding APPs (SDKs) that infringe on user rights, identifying 62 applications that violate user rights protections [1][2][3]. Group 1: Regulatory Actions - MIIT emphasizes the importance of user rights protection and is taking actions based on laws such as the Personal Information Protection Law and the Cybersecurity Law [1]. - The identified APPs and SDKs are required to rectify their violations, with potential legal consequences for non-compliance [1]. Group 2: Identified Issues - Common issues found in the reported APPs include misleading users through "shake to switch" features, inability to close information windows, and unauthorized collection of personal information [1][2]. - Specific APPs like "Signal Detector" and "Night Run Fitness" were noted for excessive permission requests and misleading user interfaces [2][4]. Group 3: APPs and SDKs Listed - A detailed list of the 62 APPs and SDKs includes names such as "Crazy Crusher," "Mi Reader," and "Hardcore Mobile Games," with issues ranging from misleading information windows to unauthorized data collection [2][4][5][6][7][8][9][10][11]. - The list highlights the developers and the specific problems associated with each APP, indicating a widespread issue across various applications [2][3].

Investment Rating - The report gives a "Buy" rating for the company, Tuhu (途虎) [5][8]. Core Views - The Chinese automotive market is entering a stage of stock economy, with the number of passenger cars expected to reach 374 million by 2027, making it the largest in the world. The demand for after-sales maintenance services will grow significantly due to the increasing average age of vehicles [5][34]. - Tuhu has established itself as a leading integrated online and offline automotive service platform in China, with a revenue of 11.55 billion RMB in 2022 and a CAGR of approximately 17.94% from 2019 to 2022 [5][74]. - The company is expected to continue expanding its store network, with plans to add nearly 1,000 stores annually, which will support steady revenue growth [5][9]. Summary by Sections Market Overview - The Chinese automotive service market is projected to reach nearly 2 trillion RMB by 2027, with maintenance and repair services accounting for the largest share [5][47]. - The market is characterized by a fragmented structure, with around 680,000 automotive service providers, and Tuhu holds the largest number of service stores in China [5][60]. Business Development - Tuhu has over 24,394 service stores as of March 31, 2023, including 4,770 Tuhu workshop stores and 19,624 partner stores, covering most prefecture-level cities in China [5][9]. - The company has seen a significant increase in transaction users, growing from 8.6 million in 2019 to 17.1 million in Q1 2023, achieving a CAGR of 17.6% [5][9]. Financial Performance - Tuhu's revenue is expected to reach 13.54 billion RMB in 2023, with projected net profits of 324 million RMB, and is forecasted to grow to 21.77 billion RMB by 2026 [6][8]. - The company’s operating efficiency is expected to improve, with the expense ratio projected to decrease from 22.2% in 2022 to 17.6% in 2025, supporting net profit growth [5][9]. Valuation - The report conservatively assigns a 15x P/E ratio for 2025, leading to a target market capitalization of 20.5 billion RMB, indicating a potential upside of 46% from current levels [5][8].