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

Investment Rating - The report assigns an "Accumulate" rating for the company [2]. Core Views - The company is positioned as a leading O2O automotive service provider with significant competitive advantages in scale, supply chain, and operational capabilities, and has ample room for store expansion and profit optimization [4]. - The automotive service market in China is expected to exceed one trillion yuan, driven by the growth of the existing vehicle fleet and the increasing average age of vehicles [4][20]. - The company is projected to achieve revenues of 15.78 billion, 18.17 billion, and 20.44 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 16%, 15%, and 12% [4][12]. - Adjusted net profits are expected to be 874 million, 1.475 billion, and 2.186 billion yuan for the same years, with growth rates of 82%, 69%, and 48% [4][14]. Summary by Sections 1. Investment Recommendations - The company is expected to have a revenue growth of 16% in 2024, 15% in 2025, and 12% in 2026, with adjusted net profits growing significantly during the same period [12][14]. - The target market capitalization for 2024 is set at 18.9 billion HKD, based on a PE ratio of 20x, which is above the industry average [4][17]. 2. Automotive Service Market - The automotive service market in China is projected to grow significantly, benefiting from the increase in the existing vehicle fleet and the aging of vehicles [20][21]. - The market is characterized by a low frequency of service needs, with the DIFM model dominating, which emphasizes offline fulfillment and trust relationships [4][20]. 3. Company Overview - The company has established a vast network of offline stores and collaborates directly with automotive parts suppliers, enhancing its supply chain efficiency [4][20]. - The company’s core competencies include direct procurement and strong control over store operations, supported by a comprehensive technology service system [4][20]. 4. Growth Potential - The company has significant growth potential with an estimated store expansion of 1,500 new stores annually, aiming to exceed 10,000 stores by 2026 [12][14]. - The gross profit margin is expected to improve due to an optimized business structure and increased bargaining power with suppliers [14][15]. 5. Financial Projections - The company’s total revenue is projected to reach 15.78 billion yuan in 2024, with a gross profit of 4.185 billion yuan, leading to a gross margin of 26.5% [15]. - The adjusted net profit is expected to turn positive, with a significant increase in profitability anticipated in the coming years [15][17].

海 外 研 证券研究报告 究 ＃industryId＃ 汽车 ＃investSuggestion＃ ＃09690 .HK ＃dy途Com虎pa-nWy＃ dyStockco ＃ de＃ 规 模效 应持续增强＃，tit盈le＃利 能力稳步提升， 买入 ( i上nve调stS ） uggesti 3 回购股份展示信心 onC han ge＃ ＃createTime1＃ 2024年 4月 2日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃summary＃ 跟 规模效应持续增强，盈利能力稳步提升。2023 年，途虎实现销售收入 136.01 亿 日期 2024.3.28 踪 元，同比增长 17.8%；实现毛利 33.59 亿元，同比增长 48.0%；毛利率达到 收盘价（港元） 15.34 24.7%，同比提升 5 个百分点。分业务类型来看，轮胎和底盘零部件业务收入同 报 总股本（百万股） 819 比增长 20.9%，毛利率同比提升 3.3 个百分点至 17.4%；汽车保养业务收入同比 告 净资产（亿元） 44.58 增长 22.5%，毛利率同比提升 2.8 个百分点至 32.4%。公司运营费用持续摊薄， ...

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, ...