Investment Rating - The investment rating for the company is "Buy" and is maintained [1][7]. Core Views - The company has shown resilience against the consumer environment, with a revenue of 7.126 billion and a year-on-year growth of 9.3% for the first half of 2024. The adjusted net profit reached 358 million, reflecting a significant year-on-year increase of 67.3% [4][7]. - The company is focusing on long-term growth by controlling the pace of store expansion and enhancing operational efficiency through a diversified service offering [5][6]. - The company has achieved a user repurchase rate of 61.1%, indicating strong customer satisfaction and loyalty [5][7]. Financial Performance - For the first half of 2024, the company achieved a gross margin of 25.9%, up 1.7 percentage points year-on-year, driven by scale effects and improvements in product and business structure [4][7]. - The company expects revenues of 14.787 billion, 16.846 billion, and 18.917 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 543 million, 997 million, and 1.449 billion [8][9]. - The projected earnings per share (EPS) for the years 2024, 2025, and 2026 are 0.67, 1.23, and 1.78 respectively, with price-to-earnings (P/E) ratios of 24, 13, and 9 [8][9]. Business Strategy - The company is expanding its service categories and enhancing operational capabilities based on a high repurchase rate, which is expected to drive steady revenue growth [7]. - The company has increased its store count to 6,311, with a net addition of 402 stores in the first half of 2024, reflecting a commitment to improving service quality and customer experience [5][6]. - The company has launched high-cost performance tire products in collaboration with manufacturers, achieving sales of over 1.5 million self-controlled tires in the first half of 2024 [6].

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 ...

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]

交银国际研究 财务模型更新 互联网 2024 年 8 月 26 日 收盘价 目标价 潜在涨幅 港元 17.36 港元 24.00 +38.2% 途虎 (9690 HK) 2024 年中期业绩符合预期，供应链能力提升下利润率持续提升 我们微调了途虎（9690 HK）的收入和盈利预测，预计 2024 年收入同比增 8% 至 147 亿元（人民币，下同），调整后净利润 7.3 亿元，对应净利率 5%。我 们认为消费者追求性价比造成的客单价下降仍将短期对收入增长造成压力， 但利润率提升趋势不变，公司将继续推进工厂店拓展，优化产品结构，提升 高利润率的专供和自控产品占比（目前约 70%），并深入与上游合作以提升 供应链议价能力。维持目标价 24 港元和买入评级。 2024 年上半年收入 71 亿元，同比增 9.3%。毛利率同比提升 1.7 个百分点 至 26%，得益于利润率较高的专供和自控产品及保养服务收入贡献增加及 供应链议价能力提升。运营费率同比降0.9个百分点，调整后净利润3.6亿 元，同比增 67%，对应净利率 5%。 业绩要点：1）开店布局稳步推进，截至 6 月 30 日途虎工场店共6311 家， 相较202 ...

途虎-W(09690) / 汽车 / 公司点评 / 2024.08.27 24H1 业绩同比高增长，门店网络持续扩张 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-26 | | 收盘价 ( 港元 ) | 18.00 | | 流通股本 ( 亿股 ) | 7.44 | | 每股净资产 ( 港元 ) | 5.70 | | 总股本 ( 亿股 ) | 8.12 | | 最近 12 月市场表现 | | -65% -47% -30% -12% 6% 23% 途虎-W 恒生指数 汽车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：公司发布 2024 年半年报。2024H1 实现总营业收入 71 亿元，同比+9.3%。 实现经调整净利润为 3.58 亿元，同比+67.30%。 ❖ 门店网络持续扩张叠加产品品类增加，带动收入同比增长 ...

证券研究报告 港股公司|公司点评|途虎-W（09690） 利润释放稳步兑现，未来成长空间可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 我们预计公司 2024-2026 年收入分别为 148.59/162.49/178.32 亿元，对应增速分别为 9.3%/9.4%/9.7% ； 经 调 整 净 利 润 分 别 为 7.68/11.81/16.19 亿 元 ， 对 应 增 速 分 别 为 59.6%/53.8%/37.1%；经调整 EPS 分别为 0.95/1.45/1.99 元/股。对应 8 月 23 日收盘价，2024- 2026 年经调整 PE 分别为 17.0x/11.0x/8.0x，维持"买入"评级。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月26日 途虎-W(09690) 利润释放稳步兑现，未来成长空间可期 | --- | --- | |--------------------------|---- ...

汽车 上 市 公 司 公 司 点 评 / 公 司 点 评 2024 年 08 月 25 日 途虎-W (09690) ——在困境中坚持构筑壁垒是长期主义的基础 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 17.36 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 37.70/9.01 | | H 股市值（亿港币） | 140.95 | | 流通 H 股（百万股） | 743.98 | | 汇率（人民币/港币） | 1.0926 | 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)23297 ...

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]