途虎养车(9690.HK)/汽车 证券研究报告/公司深度报告 2024 年 07 月 18 日 [Table_Title] 评级:买入(首次) 市场价格:18.32 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 [Table_Profit] 基本状况 | --- | --- | |----------------------|--------| | 总股本(百万股) | 810 | | 流通股本(百万股) | 810 | | 市价(港元) | 18.32 | | 市值(百万港元) | 14,833 | | 流 通 市 值(百 万 港 | 14,833 | 元) [Table_QuotePic] 股价与行业-市场走势对比 0 5 10 15 20 25 30 35 40 0 5000 10000 15000 20000 25000 途虎-W 恒生指数 2023-072023-082023-092023-102023-1120 ...

Investment Rating - The report gives a "Recommend" rating for Tuhu-W (09690 HK) with a target price of HKD 28 [1][9] Core Views - Tuhu is a leading internet-based auto service company in China with nearly 6000 stores (152 self-operated and 5757 franchised) as of 2023, ranking first in store count among all auto service providers in China [1] - The company achieved revenue of RMB 13 6 billion in 2023, ranking first in IAM store auto service revenue in 2022 [1] - Tuhu's main revenue comes from tires and chassis parts (40%) and car maintenance (36%) [1] - The Chinese auto service market exceeded RMB 1 2 trillion in 2022, with a 10% CAGR from 2018 to 2022 [2] - Tuhu has three competitive advantages in "goods, stores, and people": - Goods: High gross margin potential from self-controlled products (currently 26%, could reach over 50%) [2] - Stores: Strong store expansion capability with 93% profitable stores and 6-month ramp-up period for franchised stores [2] - People: Low user penetration rate (24%) but high retention rate (57% repurchase rate in Q1 2023) [2] Company Overview - Tuhu was founded in 2011 and has grown to become China's leading independent auto service brand with 5909 Tuhu Workshop stores and 19000 partner stores as of Q1 2023 [13] - The company has 115 million registered users and 19 3 million transacting users in 2023, with 10 2 million MAU in Q1 2023 [13] - Tuhu achieved revenue of RMB 13 6 billion in 2023, with gross profit of RMB 3 36 billion and gross margin of 24 7% [14] Industry Analysis - China's auto service market reached RMB 12 398 billion in 2022 and is expected to grow at a 9 0% CAGR to RMB 19 319 billion by 2027 [23] - Key demand drivers include car ownership, average vehicle age, and per-vehicle maintenance spending [23] - China's passenger car ownership reached 270 million in 2022, with per 1000 people ownership of 194, much lower than developed countries [25] - The average vehicle age in China is 6 2 years (2022), significantly lower than the US (12 2 years) and EU (12 3 years) [28] - NEV penetration in China reached 4 6% in 2022 and is expected to reach 20 5% by 2027 [26] Competitive Advantages - Tuhu has three main competitive advantages: 1) Product advantage: Potential for gross margin improvement through self-controlled products [2] 2) Store advantage: Strong store expansion capability with high standardization and profitability [2] 3) User advantage: Low penetration but high retention rate [2] - The company has built a comprehensive supply chain infrastructure with 34 regional warehouses and 511 front warehouses as of 2023 [54] - Tuhu's franchised stores have a 6-month ramp-up period and 93% profitability rate for stores open over 6 months [54] Financial Projections - Revenue is expected to grow from RMB 13 6 billion in 2023 to RMB 19 2 billion in 2026 [3] - Net profit is projected to increase from RMB 670 million in 2023 to RMB 1 47 billion in 2026 [3] - The company is expected to achieve adjusted net profit of RMB 884 million in 2024, RMB 1 28 billion in 2025, and RMB 1 67 billion in 2026 [9] Valuation - Based on a 30x PE multiple for 2024 earnings, the target market cap is HKD 22 6 billion, implying a target price of HKD 28 [9] - The valuation is supported by Tuhu's strong growth potential and profitability improvement during its rapid store expansion phase [9]

证券研究报告·海外公司深度·专业零售(HS) 途虎-W（09690.HK） 车后 IAM 龙头的模式优势、扩张边界和盈 2024年 06月 11日 利方向 证券分析师 张良卫 买入（首次） 执业证书：S0600516070001 [Table_EPS] 021-60199793 盈利预测与估值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 营业总收入（百万元） 11563 13606 15437 17987 20606 证券分析师 黄细里 同比(%) (1.42) 17.67 13.46 16.52 14.56 归母净利润（百万元） (2,136.17) 6,702.94 523.07 1,028.28 1,576.58 执业证书：S0600520010001 同比(%) - - (92.20) 96.58 53.32 021-60199793 Non-IFRS净利润（百万元） -551.93 481.31 735.50 1,228.28 1,776.58 huangxl@dwzq.com.cn 同比(%) - - 52.81 67.00 44.64 研究 ...

汽车/汽车服务 公 司 研 途虎-W（09690.HK） 从北美四大汽配连锁看途虎成长空间 究 2024年05月31日 ——港股公司深度报告 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 日期 2024/5/31 证 书编号：S0790522080001 证书编号：S0790123070031 当前股价(港元) 25.600  对标北美四大汽配连锁，途虎的市占率和毛利率仍有较大上升空间 港 一年最高最低(港元) 37.700/9.010 北美汽配连锁AutoZone、O’Reilly、Advance Auto Parts、NAPA CR4 2021年门店 股 公 总市值(亿港元) 210.39 数量市占率高达49 %，竞争格局高度集中。 司 流通市值(亿港元) 210.39  AutoZone定位“社区商店”，直营门店数量最多，DIY占比超7成； 深 总股本(亿股) 8.22  O'Reilly坚持双重客户战略，受益于DIFM业务的高增速，市值反超第一； 度 报 流通港股(亿股) 8.22  Advance Auto ...

证券研究报告|港股公司深度研究报告 [Tabl2e0_2D4a年te]0 5月 27日 [ITabAleM_Titl市e] 场龙头，盈利能力持续提升 [途Tab虎le_T-itWle2(] 9690.HK) 评级及分析师信息 [►T a b汽le_车Su服mm务a连ry]锁 第一品牌，利润率快速提升 [评Ta级bl：e_ Rank] 增持 上次评级： 首次覆盖 1）截至2023 年底，公司拥有5909 家途虎工厂店，覆盖城市 目标价格(港元)： 超 300 个。23Q1 客户复购率57%，体现客户对产品和服务的认 可。 最新收盘价(港元)： 25.05 2）门店扩张带动收入稳健增长。2019-2023 年途虎工场店数量 [股Ta票bl代e_码Ba：se data] 9690 从 1423 家扩张至5909 家门店，CAGR32.94%；公司营业收入由 52 周最高价/最低价(港元)： 37.7/9.01 2019 年的70亿元增长至2023 年的 136 亿元，CAGR17.9%。 总市值(亿港元) 205.87 3)经调整净利润于2023 年首次转正，达到4.81 亿元, 我们认 为利润率提升主要系规模化+ ...

投资逻辑 乘用车保有量和车龄的增长，汽车维保需求预计增加。独立后市 场服务供应商渠道(IAM)凭借广泛的门店分布和合理的价格，相 比 4s 店预计会获得更多流量倾斜。途虎在 IAM 汽车服务收入规 模和门店数量上均位列第一。新能源汽车渗透率的提升或带来行 业新挑战，其维保服务不同于燃油车，日常维护成本较低，但洗 美、改装等需求提升。途虎积极布局新能源工位改造、新能源维 港币(元) 成交金额(百万元) 保技师培养、加强产业链合作。 40.00 350 门店标准化保障网络可拓展性，向下沉市场渗透。公司 2023 年 35.00 300 250 门店数量5909 家，同比增长27%。其中自营途虎工场店152 家， 30.00 200 25.00 加盟途虎工场店 5757 家。2023 年新增门店数中 70%以上来自二 150 20.00 100 线及以下城市,未来预计自营店数量保持稳定，通过加盟店拓 15.00 50 展。据招股书，截至 2023Q1,公司综合毛利率、自营途虎工场 10.00 0 62 6 2 62 店、加盟途虎工场店、合作门店的毛利率分别为 25%、5.5%、 9 2 3 03 1 3 04 2 ...

证券研究报告 途虎-W（9690.HK）： IAM龙头发力万亿汽后蓝海市场，加快低 线城市布局，模式清晰业绩加速释放 股票投资评级：买入|上调 分析师:鲍学博 SAC 登记编号:S1340523020002 ...

Investment Rating - Buy rating (first coverage) [1] Core Views - The company is a leading online-to-offline (O2O) automotive service platform in China, addressing key pain points in the automotive service industry [2] - The company operates a well-managed offline network of stores and technicians, providing high-quality and standardized in-store services [2] - The company has built a comprehensive automotive service platform that includes car owners, suppliers, service stores, and other participants [2] - As of the end of 2023, the company has 5,909 Tuhu Workshop stores nationwide, with 5,757 being franchised stores, covering all provincial-level administrative regions and over 300 cities [2] - The company has 115 million registered users, with over 19.3 million users placing orders on the platform in 2023, and an average of over 10 million monthly active users on the Tuhu Car Maintenance app [2] - The company's proprietary technology system supports digitalization of the supply chain and is coordinated through intelligent algorithms [2] - The company has over 800 R&D personnel and has developed a comprehensive automotive service technology support system [2] Business Model and Expansion - The company's asset-light business model enables rapid expansion, with a self-developed online platform supporting stable business operations [2] - The company's innovative franchise model allows for rapid expansion of its store network while ensuring service standardization and product quality [2] - As of March 31, 2023, the company has established the largest and most accurate automotive parts database in China, covering 286 brands and over 66,000 vehicle models, with a matching accuracy rate of 99.99% [2] - The company has strong bargaining power with upstream suppliers and high customer loyalty, with a repurchase rate of over 60% [2] Market Potential - The automotive aftermarket in China is a long-term growth opportunity, with the market size reaching RMB 1.2 trillion in 2022 [2] - The market is expected to grow at a CAGR of 9% from 2023 to 2027, driven by increasing car ownership, mileage, and vehicle age [2] - The market is highly fragmented, with traditional IAM stores expected to increase their share from 46.6% in 2022 to 58.1% in 2027 [2] - The company's new business model addresses the inefficiencies of traditional IAM stores, such as poor user experience, complex supply chain layers, and inefficient fulfillment processes [2] Financial Performance and Valuation - The company achieved a turnaround in 2023, with revenue of RMB 13.6 billion, a YoY increase of 17.8%, and net profit of RMB 670.3 million [19] - The company's gross margin increased from 19.7% in 2022 to 24.7% in 2023, driven by the growth of self-owned and exclusive brands [4] - The company's net profit margin also improved, with adjusted net profit (non-IFRS) reaching RMB 481 million in 2023 [19] - The company's revenue structure has been optimized, with high-margin businesses such as car maintenance increasing their share [20] - The company's gross margin is expected to continue to rise, with forecasts of 26.0%, 26.7%, and 27.4% for 2024, 2025, and 2026, respectively [4] - The company's net profit is expected to reach RMB 671.1 million, RMB 1.114 billion, and RMB 1.547 billion in 2024, 2025, and 2026, respectively [4] - The company's 2025 PE ratio is 12X, compared to the average PE ratio of 21X for comparable companies, indicating significant upside potential [5] Industry Comparison - The US automotive aftermarket has seen strong performance from companies like AutoZone and O'Reilly, with AutoZone's revenue growing from USD 5.71 billion in 2005 to USD 17.46 billion in 2023, a CAGR of 6.4% [2] - AutoZone's net profit grew from USD 571 million in 2005 to USD 2.53 billion in 2023, a CAGR of 8.6% [2] - AutoZone's stock price has increased over 97 times since 2000, with an average PE (TTM) of 15.6X [2] - O'Reilly's revenue grew from USD 2.045 billion in 2005 to USD 15.812 billion in 2023, a CAGR of 12%, with net profit growing from USD 164 million to USD 2.347 billion, a CAGR of 15.9% [2] - O'Reilly's stock price has also increased over 97 times since 2000, with an average PE (TTM) of 21.9X [2] Key Assumptions - The company is expected to maintain an annual franchise store expansion of 1,000-1,200 stores, with franchise store numbers reaching 6,757, 7,957, and 9,157 in 2024, 2025, and 2026, respectively [6] - Single-store revenue is expected to be RMB 1.9 million, RMB 1.875 million, and RMB 1.85 million in 2024, 2025, and 2026, respectively, as the company expands into lower-tier cities [6] - Gross margin is expected to increase to 27%, 27.5%, and 28% in 2024, 2025, and 2026, respectively, driven by the growth of self-owned and exclusive brands [6] Investment Logic - Store expansion is the main driver of revenue growth, while the increase in self-owned and exclusive brands supports gross margin improvement [7] - The franchise model ensures low capital expenditure, and the company's market share in China is still far below that of AutoZone and O'Reilly in the US, indicating significant room for growth [7] - The company's gross margin is still lower than that of overseas leaders (over 50%), suggesting further upside potential [7]

Corporate Governance and Leadership Structure - Tuhu Car Inc. is controlled through a weighted voting rights structure, with Class A shares having 1 vote per share and Class B shares having 10 votes per share, except for certain reserved matters where each share has 1 vote[20] - The company's weighted voting rights structure allows the beneficiaries to exercise voting control without holding a majority of the economic interest in the company[20] - As of the latest practicable date, the weighted voting rights beneficiary, Mr. Chen Min, holds interests in 12,487,564 Class A shares and 68,949,580 Class B shares, representing approximately 48.7% of the voting rights in the company's general meetings[20] - Class B shares can be converted into Class A shares on a 1:1 basis, and upon full conversion, the company will issue 68,949,580 Class A shares, representing approximately 8.4% of the total issued and outstanding Class A shares[22] - The weighted voting rights attached to Class B shares will terminate if the beneficiary no longer beneficially owns any Class B shares, which can occur under specific circumstances outlined in the listing rules[22] - The company has adopted and applied the principles of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules, and has complied with all applicable code provisions except for code provision C.2.1 regarding the separation of the roles of Chairman and CEO[184] - The company has adopted the Model Code for Securities Transactions as set out in Appendix C3 of the Listing Rules as the code of conduct for directors in dealing with the company's securities, and all directors have confirmed compliance with the Model Code during the period from the listing date to December 31, 2023[185] - The company has not identified any instances of non-compliance with the Model Code by relevant employees during the period from the listing date to December 31, 2023[187] - The Board of Directors has always complied with the Listing Rules regarding the appointment of at least three independent non-executive directors (constituting at least one-third of the Board) and at least one independent non-executive director with appropriate professional qualifications, accounting, or relevant financial management expertise[188] - The Board of Directors is responsible for leading and controlling the company, guiding and supervising the company's affairs, and acting in the best interests of the company and its shareholders[189] - The company does not have separate roles for Chairman and CEO, with Mr. Chen Min currently holding both positions, which the Board believes ensures consistent internal leadership and effective strategic planning[192] - Directors are required to participate in continuous professional development to update their knowledge and skills, and the company provides internal briefings and reading materials on specific topics to directors[194] - The company holds at least four regular Board meetings annually, with notices sent at least 14 days in advance, and meeting agendas and documents provided at least three days before the meeting[198] - The company held one board meeting from January 1, 2024, to the date of this annual report[199] - No general meetings were held from the listing date on September 26, 2023, to the date of this annual report[199] - The company was listed on the Stock Exchange on September 26, 2023[199] Financial Performance and Metrics - Total revenue for 2023 reached RMB 13.6 billion, a 17.8% increase compared to RMB 11.5 billion in 2022[24] - Gross profit for 2023 was RMB 3.36 billion, with a gross margin of 24.7%, up 5.0 percentage points from 2022[24] - Adjusted net profit (non-IFRS) for 2023 was RMB 481.3 million, marking the company's first full-year profit[32] - Adjusted EBITDA (non-IFRS) for 2023 was RMB 757.8 million, a significant improvement from a loss of RMB 186.5 million in 2022[24] - Revenue for 2023 reached RMB 13.6 billion, a 17.8% increase from RMB 11.5 billion in 2022[59] - Gross profit for 2023 was RMB 3.36 billion, up from RMB 2.27 billion in 2022[56] - Adjusted EBITDA for 2023 was RMB 757.8 million, compared to a loss of RMB 186.5 million in 2022[56] - Revenue from automotive products and services grew 17.9% to RMB 12.6 billion in 2023, driven by increased demand for tires and chassis components, which grew 20.9% to RMB 5.55 billion[62] - Revenue from advertising, franchise, and other services grew 15.8% to RMB 954.3 million in 2023[63] - Sales cost for 2023 was RMB 10.24 billion, a 10.4% increase from RMB 9.28 billion in 2022[66] - Revenue from franchise services increased to RMB 731.3 million in 2023, up from RMB 549.7 million in 2022[59] - Revenue from tire and chassis components accounted for 40.8% of total revenue in 2023, up from 39.8% in 2022[59] - Revenue from automotive maintenance services grew 22.5% to RMB 4.93 billion in 2023[62] - Automotive product and service costs increased by 12.8% from RMB 8.6 billion in 2022 to RMB 9.7 billion in 2023, driven by the expansion of Tuhu Workshop stores and customer base[68] - Gross profit increased to RMB 3.4 billion in 2023 from RMB 2.3 billion in 2022, with gross margin rising from 19.7% to 24.7%[69] - Other income and gains decreased by 21.8% to RMB 118.4 million in 2023 from RMB 151.5 million in 2022, primarily due to reduced foreign exchange gains[70] - Operating and support expenses decreased by 4.3% to RMB 600.4 million in 2023 from RMB 627.5 million in 2022, mainly due to reduced headcount and related costs[73] - R&D expenses decreased by 6.7% to RMB 579.6 million in 2023 from RMB 621.4 million in 2022, driven by cost-saving measures[74] - Sales and marketing expenses increased by 11.2% to RMB 1.7 billion in 2023 from RMB 1.5 billion in 2022, primarily due to higher advertising and promotion costs[75] - General and administrative expenses increased by 5.3% to RMB 420.2 million in 2023 from RMB 399.1 million in 2022, mainly due to IPO-related expenses[78] - Financial income surged to RMB 128.5 million in 2023 from RMB 56.9 million in 2022, driven by higher interest rates and increased average balances of deposits and investments[79] - The company recorded a profit of RMB 6.7 billion in 2023, compared to a loss of RMB 2.1 billion in 2022[82] - Adjusted EBITDA (non-IFRS) for the six months ended December 31, 2023, was RMB 405.96 million, up significantly from RMB 35.69 million in the same period of 2022[85] - Revenue for the six months ended December 31, 2023, was RMB 7.1 billion, a 16.5% increase from RMB 6.1 billion in the same period in 2022[87] - Automotive products and services revenue grew by 17.0% to RMB 6.6 billion in 2023, driven by increased demand for tires, chassis components, and car maintenance services[91] - Advertising, franchise, and other services revenue increased by 9.4% to RMB 491.5 million, primarily due to franchise service growth and improved profitability of franchise stores[92] - Sales cost for the six months ended December 31, 2023, was RMB 5.3 billion, a 10.3% increase from RMB 4.8 billion in 2022, mainly due to the expansion of the company's store network and customer base[93][96] - Gross profit for the six months ended December 31, 2023, was RMB 1.8 billion, with a gross margin increase from 20.9% in 2022 to 25.2% in 2023, driven by higher-margin car maintenance services and improved supplier terms[100] - Tire and chassis components revenue increased by 19.3% to RMB 2.9 billion, reflecting post-pandemic travel demand recovery[91] - Car maintenance revenue grew by 19.6% to RMB 2.6 billion, supported by the expansion of the company's store network and customer base[91] - Other automotive products and services revenue increased by 19.2% to RMB 415.9 million, driven by growth in car film and car wash services[91] - Franchise service revenue increased due to network expansion and improved profitability, partially offset by reduced new energy vehicle sales[92] - The company's inventory turnover improved, leading to a reduction in inventory cost write-offs and lower operating costs[96] - Other income and gains decreased by 62.3% to RMB 35.1 million in the six months ended December 31, 2023, compared to RMB 93.3 million in the same period of 2022, primarily due to increased foreign exchange losses and reduced one-time government subsidies[101] - Operating and support expenses increased by 7.3% to RMB 328.4 million in the six months ended December 31, 2023, from RMB 306.2 million in the same period of 2022, driven by higher travel and outsourcing costs, partially offset by reduced staff costs and share-based payment expenses[101] - R&D expenses decreased by 7.1% to RMB 281.7 million in the six months ended December 31, 2023, compared to RMB 303.2 million in the same period of 2022, due to cost-saving measures, partially offset by higher year-end bonuses for employees[101] - Sales and marketing expenses increased by 9.1% to RMB 873.1 million in the six months ended December 31, 2023, from RMB 800.4 million in the same period of 2022, driven by higher advertising and transportation costs, partially offset by reduced staff and outsourcing costs[104] - General and administrative expenses increased by 17.1% to RMB 234.7 million in the six months ended December 31, 2023, compared to RMB 200.5 million in the same period of 2022, mainly due to higher listing-related expenses and impairment provisions[105] - Financial income increased significantly to RMB 66.9 million in the six months ended December 31, 2023, from RMB 39.4 million in the same period of 2022, driven by higher USD deposit rates and increased average balances of deposits and investments[106] - The company recorded a gain of RMB 6.5 billion from the fair value change of convertible redeemable preferred shares in the six months ended December 31, 2023, compared to a loss of RMB 933.0 million in the same period of 2022, reflecting a one-time adjustment post-global offering[107] - Income tax expenses decreased by 5.5% to RMB 14.0 million in the six months ended December 31, 2023, from RMB 14.8 million in the same period of 2022, due to reduced taxable income in certain subsidiaries[108] - The company reported a profit of RMB 6.6 billion in the six months ended December 31, 2023, compared to a loss of RMB 1.2 billion in the same period of 2022[110] - Adjusted EBITDA (non-IFRS) improved to RMB 405.96 million in the six months ended December 31, 2023, from RMB 35.69 million in the same period of 2022, reflecting better operational performance[111] - Adjusted EBITDA and adjusted net profit/(loss) (non-IFRS measures) should not be considered in isolation or as substitutes for annual/periodic profit/(loss) or any performance measures[114] - Total non-current assets increased to RMB 3,493,404 thousand in 2023 from RMB 2,108,270 thousand in 2022, driven by growth in property, plant, and equipment, and long-term financial investments[116] - Total current assets rose to RMB 8,271,281 thousand in 2023 from RMB 6,905,846 thousand in 2022, primarily due to increases in inventory, trade receivables, and short-term financial investments[116] - Trade receivables increased by 25.6% to RMB 218.2 million in 2023, driven by expansion in the franchise network, higher advertising revenue from major clients, and increased SaaS solution contributions[122] - Prepayments, other receivables, and other assets grew by 8.7% to RMB 496.1 million in 2023, mainly due to higher prepayments and recoverable VAT, partially offset by reductions in deposits and loan receivables[125] - Total current liabilities increased to RMB 6,602,353 thousand in 2023 from RMB 5,572,199 thousand in 2022, with significant rises in trade payables and other payables[116] - Total non-current liabilities decreased significantly to RMB 704,013 thousand in 2023 from RMB 22,398,481 thousand in 2022, primarily due to the elimination of convertible redeemable preferred shares[119] - Net assets improved to RMB 4,458,319 thousand in 2023 from a net liability of RMB (18,956,564) thousand in 2022, reflecting a strong recovery in equity[119] - Financial investments, including non-guaranteed wealth management products and fixed deposits, were a significant component of the company's asset structure[126] - Total financial investments increased significantly to RMB 2.65 billion as of December 31, 2023, compared to RMB 540 million in 2022, primarily due to the purchase of long-term financial products to optimize financial returns while maintaining capital safety and liquidity[129] - Restricted cash totaled RMB 1.46 billion as of December 31, 2023, with the non-current portion increasing to RMB 7.8 million from RMB 403,000 in 2022[131] - Cash and cash equivalents amounted to RMB 2.72 billion as of December 31, 2023, with bank and on-hand cash decreasing to RMB 1.27 billion from RMB 2.25 billion in 2022, while short-term deposits increased to RMB 1.44 billion from RMB 438.8 million[134] - Trade payables and notes increased by 24.6% to RMB 3.89 billion as of December 31, 2023, from RMB 3.12 billion in 2022, driven by increased merchandise purchases due to business growth[136] - Other payables and accrued expenses grew by 9.8% to RMB 1.72 billion as of December 31, 2023, from RMB 1.57 billion in 2022, mainly due to higher refundable deposits from potential franchisees, increased construction-related payables, and higher year-end bonuses[141] - Convertible redeemable preferred shares decreased to zero as of December 31, 2023, from RMB 21.7 billion in 2022, following their conversion into Class A shares after the global offering[142] - The asset-liability ratio improved to 62.1% as of December 31, 2023, from 69.3% in 2022, reflecting better financial health[144] - Total revenue growth rate for 2023 was 17.8%, a significant improvement from the -1.5% decline in 2022, indicating strong business recovery[144] - Adjusted EBITDA margin improved to 5.6% in 2023 from -1.6% in 2022, reflecting enhanced operational efficiency[144] - Cash position increased by 44.3% to RMB 6.8 billion as of December 31, 2023, from RMB 4.7 billion in 2022, supported by cash generated from operations and proceeds from the global offering[149] - Net cash used in investing activities was RMB 2.4 billion in 2023, primarily due to RMB 2.8 billion spent on financial investments and RMB 360.0 million on property, plant, and equipment, partially offset by RMB 686.2 million in financial investment income and RMB 129.0 million in interest income[153] - Net cash from financing activities was RMB 1.3 billion in 2023, mainly from the net proceeds of the global offering of Class A shares[154] - Capital expenditures for 2023 were RMB 362.0 million, compared to RMB 400.6 million in 2022, with future capital expenditures to be funded by internal resources, including cash and cash equivalents and net proceeds from the global offering[156] - Capital commitments related to the construction of new automated warehouses amounted to RMB 208.8 million as of 2023, down from RMB 478.3 million in 2022[157] - The company had no significant contingent liabilities or guarantees as of December 31, 2023[155] - The company had no asset pledges as of December 31, 2023, and no major investment or capital asset plans beyond those disclosed in the prospectus[161] - The company had no significant acquisitions, investments, or disposals of subsidiaries, associates, or joint ventures in 2023[161] - Total employee count decreased to 4,729 as of December 31, 2023, from 4,960 in 2022, with total compensation costs of RMB 1.7 billion in 2023, down from RMB 1.8 billion in 2022[161] - The company has no foreign currency hedging policy but manages foreign exchange risk by closely monitoring exposure and considering hedging when necessary[161] - The company provides regular and professional training to employees to maintain workforce quality, knowledge, and skills[162] Business Operations and Growth - The number of Tuhu Workshop stores increased to 5,909 in 2023, a 27.0% year-on-year growth, with 5,757 being franchised stores[27] - Transaction users reached 19.3 million in 2023, a 16.9% increase from 16.5 million in 2022[27] - Registered users grew to 115.3 million in 2023, up 20.7% from 95.5 million in 2022[27] - The company's car maintenance business saw a 34.3% increase in gross profit, rising from RMB 1.2 billion in 2022 to RMB 1.6

股 票 研 究 [Table_industryInfo] 商业服务与商业用品 [ Table_Main[途I Tnaf 虎bol]e -_ WTit（le] 9 690） [评Tab级le_：Inv est] 增持 当前价格（港元）： 17.74 O2O 汽车服务龙头，成长飞轮加速 2024.04.06 海 ——途虎-W首次覆盖报告 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 10.46-36.30 当前股本（百万股） 820 公 021-38677706 010-83939087 当前市值（百万港元） 14,545 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co （ 证书编号 S0880516030003 mS0 880122070054 [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 途虎在规模、供应链与运营能力等方面竞争优势显著，开店空间依然广阔，盈利能力 国 途虎-W 恒生指数 香 加速优化。 23% 摘要： 港 6% [T able投_S资um建m议ar：y ...