Core Viewpoint - Tuhu-W (9690) reported strong financial results for 2024, leading multiple brokerages to maintain a "Buy" rating and prompting an upgrade in target price by CMB International to HKD 21.5 [2][3] Financial Performance - Tuhu achieved a revenue of RMB 14.759 billion in 2024, representing a year-on-year increase of 8.5% - Adjusted net profit reached RMB 624 million, up 29.7% year-on-year - As of the end of 2024, Tuhu had over RMB 7.5 billion in cash [3] Store and User Growth - By the end of 2024, Tuhu had a total of 6,874 stores, a net increase of 965 stores, reflecting a year-on-year growth of 16.3% - The number of transaction users reached 24.1 million, up 24.8% year-on-year, while registered users totaled 139 million, a 20.4% increase [3] Brokerage Insights - CMB International raised Tuhu's 2025 net profit forecast by 10% to RMB 703 million and adjusted the net profit estimate to RMB 826 million, reflecting a 32% increase - The brokerage believes Tuhu is in a favorable competitive position, with over 90% of stores operating for more than six months being profitable [3][4] Growth Projections - CMB International expects Tuhu's revenue growth rate for 2025 to be 12%, a significant increase from the 8.5% growth in 2024 - The number of stores is projected to grow to 7,800 by the end of 2025, with an expected net increase of about 900 stores [4] Margin and Efficiency Improvements - CMB International forecasts an increase in gross margin by 0.8 percentage points to 26.1% in 2025, driven by economies of scale and higher margins from proprietary products - The company is also leveraging AI to enhance user experience and operational efficiency, with an expected reduction in overall operating expense ratio by 0.7 percentage points to 22.9% [4] Strategic Initiatives - KGI Securities expressed confidence in Tuhu's resilient growth, emphasizing the company's strategy to penetrate lower-tier cities, which has effectively converted registered users into transaction users - Tuhu has made significant progress in exploring new service opportunities, with over 5,700 stores offering light beauty services and a peak of nearly 120,000 online orders for these services in 2024 [5] Market Share and New Energy Focus - Tianfeng Securities noted Tuhu's strategy to focus on market share growth, achieving a remarkable 30% year-on-year increase in adjusted net profit - The company is actively expanding its presence in the new energy sector, with 2.7 million transaction users in this category, a 105% increase year-on-year, and has connected 70,000 charging stations across over 340 cities [6][7] Long-term Outlook - Tianfeng Securities maintains a positive long-term outlook for Tuhu, anticipating revenue growth of RMB 16.2 billion, RMB 17.9 billion, and RMB 19.9 billion over the next three years, while also adjusting revenue forecasts for 2025-2026 upwards [7]
途虎-W（9690）绩后多券商维持“买入”评级，招银国际上调目标价至21.5港元