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途虎-W(9690.HK)：收入利润好于预期 市占率持续巩固
Ge Long Hui·2025-08-23 11:13

Core Viewpoint - Company reported a total revenue of 7.88 billion yuan for 1H25, representing a year-on-year increase of 10.5%, which exceeded the consensus expectation of 7.80 billion yuan [1] - Non-IFRS net profit reached 410 million yuan, also surpassing the consensus expectation of 360 million yuan, with a non-IFRS net profit margin of 5.2%, up 0.2 percentage points year-on-year [1] Revenue and Profitability - Revenue from automotive products and services increased by 10.8% to 7.36 billion yuan, slightly better than the consensus expectation of 7.28 billion yuan [2] - The gross margin for the automotive service segment was 22.8%, down 0.9 percentage points year-on-year, primarily due to external trade demand fluctuations and industry supply pressures [2] - Overall gross margin for the company was 25.2%, a decrease of 0.7 percentage points year-on-year, reflecting slight declines in tire and maintenance segment margins [2] User Growth and Store Expansion - The number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, with registered users totaling 150 million, up 18.8% [3] - The number of factory stores reached 7,205, with a net increase of 894 stores year-on-year, achieving a 70% coverage rate in county-level cities with over 20,000 passenger vehicles [3] - The proportion of profitable factory stores remained at 90% as of June 2025, with same-store revenue growth of 2% for stores aged over 18 months [3] Operational Efficiency - The adjusted operating expense ratio improved slightly by 10 basis points to 22.4% due to operational leverage, despite some impact from investments in AI [4] - The company established 32 regional warehouses and 662 front warehouses, improving delivery rates by 6 percentage points year-on-year to 83% [4] - Adjusted fulfillment expense ratio improved by 0.5 percentage points year-on-year to 4.1% [4] Profit Forecast and Valuation - The company maintains a non-IFRS net profit forecast of 760 million yuan for 2025, with adjustments to 2026 and 2027 forecasts down to 840 million yuan and 1.08 billion yuan respectively [4] - The target price is set at 25.13 HKD, reflecting a premium to comparable companies due to the company's leading position in the industry [4]