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]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is a leading player in the domestic automotive aftermarket, actively expanding into the new energy sector [2] - The automotive service market in China is projected to grow significantly, with an expected market size of 1.93 trillion yuan by 2027, driven by increasing vehicle ownership and aging vehicles [2][18] - The company has established an integrated online and offline service platform, leading the industry in store count with 5,909 stores as of December 31, 2023 [2][7] - The company aims to expand its presence in lower-tier cities, with a target of reaching 8,909 stores by 2026 [2][34] - The company is expected to achieve net profits of 700 million, 1.09 billion, and 1.56 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17.26, 11.08, and 7.75 [2] Summary by Sections 1. Integrated Automotive Service Platform - The company has developed a comprehensive online and offline automotive service platform, expanding its product and service offerings since its inception in 2011 [7] - The platform connects vehicle owners, suppliers, and service stores, enhancing user experience and operational efficiency [7][21] 2. Automotive Service Market Potential - The automotive service market in China reached 1.24 trillion yuan in 2022, with a CAGR of 10.1% from 2018 to 2022, and is expected to grow to 1.93 trillion yuan by 2027 [18] - The increase in vehicle ownership and average vehicle age is driving demand for automotive services, with the average age of vehicles projected to reach 8 years by 2027 [15][16] 3. Business Model and Growth - The company’s business model creates a positive feedback loop, enhancing user experience and driving growth through increased customer traffic and store expansion [30] - The number of registered users reached 115 million by the end of 2023, with a transaction user base of over 19.3 million, reflecting a 17% year-on-year growth [31] - The company plans to continue expanding its store network, particularly in lower-tier cities, to capture a larger market share [34] 4. Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of 14.64 billion, 16.20 billion, and 17.95 billion yuan for 2024, 2025, and 2026 respectively [3] - The company’s gross margin has been improving, reaching 24.7% in 2023, driven by a higher proportion of automotive maintenance services [12][13]

交银国际研究 财务模型更新 收盘价 目标价 潜在涨幅 港元 15.90 港元 24.00↓ +50.9% 互联网 2024 年 8 月 12 日 途虎 (9690 HK) 客单价下降短期扰动收入增长，供应链优化下利润率提升趋势不变 我们调整了途虎 （9690 HK）的盈利预测及估值。我们认为公司将继续推进工 厂店拓展以及产品结构优化，预计全年稳步实现新增 1000 家工厂店目标以及 利润率的提升。但客单价下降超出预期，因此我们下调 2024 年利润 7%，目 标价从 26 港元下调至 24 港元，维持买入。 我们预计 2024 年上半年收入同比增 9%至 71 亿元（人民币，下同）。预计调 整后净利润 3.3 亿元，同比增 55%，对应净利润率 4.6%，同比提升 1.4 个百分 点。预计因客单价下降幅度超出预期，收入增长低于我们此前预期，公司通 过持续降本增效、优化产品结构带动利润率提升。预计上半年新开途虎工厂 店超过 400 家，稳步推进达成全年新开 1000 家门店目标，新开门店仍以下沉 地区为主。 预计 2024 年收入同比增 7%至 146 亿元，调整后净利润 7.4 亿元，均较我们此 前预期下调 ...