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 ...

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]

Investment Rating - The investment rating for the company is "Buy" with a target price adjusted from HKD 26.00 to HKD 24.00, indicating a potential upside of 50.9% from the current price of HKD 15.90 [1][2][9]. Core Insights - The report highlights that the decline in average transaction value has temporarily disrupted revenue growth, but the trend of profit margin improvement remains intact due to supply chain optimization [1]. - The company is expected to continue expanding its factory store network and optimizing its product structure, aiming to open 1,000 new factory stores throughout the year [1]. - Revenue for the first half of 2024 is projected to grow by 9% year-on-year to RMB 7.1 billion, with adjusted net profit expected to reach RMB 330 million, reflecting a 55% increase [1]. - The report anticipates a revenue increase of 7% year-on-year for 2024, totaling RMB 14.6 billion, with adjusted net profit of RMB 740 million, both down by 7% from previous forecasts due to consumer preference for alternative products affecting average transaction value [1]. Financial Forecast Summary - Revenue projections for 2024E are RMB 14,592 million, down 7% from previous estimates [3]. - Adjusted net profit for 2024E is forecasted at RMB 739 million, also a 7% decrease from prior predictions [3]. - The gross profit margin is expected to improve to 25.61% in 2024E, up 0.3 percentage points from previous estimates [3]. - For 2025E and 2026E, revenues are projected at RMB 16.6 billion and RMB 18.6 billion, respectively, with adjusted net profits of RMB 1.2 billion and RMB 1.6 billion [1][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.24 HKD [1]. Core Views - The report highlights that the automotive aftermarket is currently under pressure due to a trend of consumer downtrading, but there is optimism for long-term growth driven by the expansion of proprietary product categories and improved profitability [2][3]. - The company is expected to benefit from changes in the automotive market structure, particularly as traditional dealership supply shrinks and third-party service providers gain market share [3]. - Revenue forecasts for the company are projected at 14.558 billion, 16.013 billion, and 17.934 billion RMB for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 7%, 10%, and 12% [1][3]. Financial Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 11,563 million RMB, Net Profit of -2,136 million RMB - 2023A: Revenue of 13,606 million RMB, Net Profit of 6,703 million RMB - 2024E: Revenue of 14,558 million RMB, Net Profit of 716 million RMB - 2025E: Revenue of 16,013 million RMB, Net Profit of 1,068 million RMB - 2026E: Revenue of 17,934 million RMB, Net Profit of 1,370 million RMB [1][5]. - Earnings Per Share (EPS) is projected to be 8.26, 0.88, 1.31, and 1.69 RMB for 2023, 2024E, 2025E, and 2026E respectively [1][5]. - The Price-to-Earnings (P/E) ratio is expected to be 16.7, 11.2, and 8.7 for 2024E, 2025E, and 2026E respectively [1][3]. Market Dynamics - The automotive aftermarket is experiencing a decline in service visits, with a 1% year-on-year drop in the second quarter, indicating a challenging macro environment [2]. - The company is expanding its store presence in lower-tier cities, which is anticipated to drive steady business growth [2]. - The report emphasizes the potential for improved profitability through the continuous increase in proprietary product offerings and enhanced supply chain negotiation capabilities [2][3].