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].

工业和信息化部信息通信管理局3月14日公布《关于侵害用户权益行为的APP（SDK）通报（2024年第2批，总第37批）》： 工业和信息化部高度重视用户权益保护工作，依据《个人信息保护法》《网络安全法》《电信条例》《电信和互联网用户个人信息保护规定》等法律法规，持续整治APP侵害用户权益的违规行为。近期，我部组织第三方检测机构对用户反映突出的“摇一摇”乱跳转、信息窗口“关不掉”以及违规收集使用个人信息等问题进行检查，共发现62款APP及SDK存在侵害用户权益行为（详见附件），现予以通报。 上述APP及SDK应按有关规定进行整改，整改落实不到位的，我部将依法依规组织开展相关处置工作。 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 汽车 | 公司研究 布局初具雏形，提质增效大幅释放盈利潜力 2024年03月04日 途虎-W (9690.HK) 中国车市正进入存量经济发展阶段，预计到2027年国内乘用车保有量上升到3.74亿辆，成全球最 买入 大的国家之一。中国5年及以上车龄乘用车保有量稳步上升，预计2027年平均车龄达8.0年，后 市场售后维修需求也将蓬勃发展。平均车龄上浮导致过保修期的乘用车保有量也不断增加。 首次覆盖 2018-2022年乘用车过保修期的占比不断提升，从1.27亿辆上升到2.04亿辆，过保比例为73.6%。 据灼识咨询预测，2027年将增长到79.1%。中国汽车服务市场中的维修保养服务占比最大，清洁 市场数据：2024年3月01日 及美容服务增速最快，2027年市场规模将近2万亿元。中国约68万家汽车服务供应商，格局上 收盘价（港币） 18.86 较为分散。目前具备连锁品牌经营能力的企业包括途虎天猫、驰加、京东养车等。 恒生指数 16589 途虎养车在2011年以途虎养车网形式成立，公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to turn a profit in 2023, with a net profit forecast of no less than 6.6 billion yuan, compared to a loss of 2.1 billion yuan in 2022, indicating a significant turnaround [3] - Adjusted profit for 2023 is projected to be at least 450 million yuan, recovering from a loss of 550 million yuan in 2022 [3] - The substantial change in net profit is primarily due to the impact of convertible redeemable preferred shares, with a one-time positive adjustment of 6.47 billion yuan in fair value expected in 2023 [3] - The company anticipates continued revenue growth, with projected revenues of 15.795 billion yuan and 19.103 billion yuan for 2024 and 2025, respectively [3] Financial Summary and Valuation Indicators - Revenue for 2023 is expected to be 13.081 billion yuan, reflecting a year-over-year growth of 13.1% [5] - The net profit for 2023 is projected to be 6.714 billion yuan, representing a significant increase of 416.7% compared to 2022 [5] - The gross margin is expected to improve to 25.4% in 2023, with a net margin of 51.3% [5] - Earnings per share (EPS) is forecasted to be 8.20 yuan for 2023, with a price-to-earnings (P/E) ratio of 2.2 [5] - The company is expected to achieve a return on equity (ROE) of -54.8% in 2023, with improvements anticipated in subsequent years [5]

Investment Rating - The report maintains a "Recommended" rating for the company, Tuhu-W (9690.HK) [2][3]. Core Views - The company is expected to achieve a net profit of no less than 6.6 billion RMB in 2023, with a Non-IFRS net profit of at least 450 million RMB. The second half of 2023 shows a stronger profit trend, with a total net profit of at least 70 million RMB and a Non-IFRS net profit of at least 240 million RMB [2]. - The company is benefiting from the recovery in travel demand and the expansion of its workshop store network, which has effectively increased its customer base. The improvement in business scale and structure has led to an increase in gross margin, alongside effective cost control [2][3]. - Tuhu has introduced new franchise policies for workshop stores in 2024, offering various incentives for different city tiers to encourage expansion. The company anticipates adding over 1,000 new workshop stores annually from 2024 to 2025 [2]. - The company is projected to see revenue growth from 13.475 billion RMB in 2023 to 18.379 billion RMB in 2025, with adjusted net profits increasing from 451 million RMB to 1.504 billion RMB during the same period [2][3]. Summary by Sections Financial Forecasts - Revenue is expected to grow from 13.475 billion RMB in 2023 to 18.379 billion RMB in 2025, with growth rates of 16.7%, 17.2%, and 16.4% respectively [3]. - Adjusted net profit is projected to increase from 451 million RMB in 2023 to 1.504 billion RMB in 2025, reflecting growth rates of 109.3% and 200.9% [3]. - Adjusted EPS is forecasted to rise from 0.55 RMB in 2023 to 1.84 RMB in 2025, with corresponding P/E ratios decreasing from 34 times to 10 times [3]. Balance Sheet Highlights - Total assets are expected to grow from 11.145 billion RMB in 2023 to 15.044 billion RMB in 2025, while total liabilities will increase from 28.804 billion RMB to 30.878 billion RMB [6]. - The company's cash and cash equivalents are projected to rise from 4.26 billion RMB in 2023 to 6.894 billion RMB in 2025 [6]. Cash Flow Analysis - Operating cash flow is expected to turn positive, increasing from 948 million RMB in 2023 to 1.818 billion RMB in 2025 [7]. - The net increase in cash is projected to be 1.574 billion RMB in 2024 and 1.358 billion RMB in 2025 [7].