Core Viewpoint - Tuhu-W (09690) reported stable profitability in the first half of the year, with store count increasing by 14% and revenue rising by 11%, meeting expectations [1] Financial Performance - Gross margin stood at 25.2%, with net profit increasing by 8% to 307 million RMB, and adjusted net profit rising by 15%, exceeding the bank's forecast by 11% [1] Investment Rating and Valuation - The bank maintains a "Buy" rating and extends the valuation basis to 2026, raising the target price from 21.5 HKD to 23 HKD based on a projected adjusted P/E ratio of 20 times for next year [1] Future Outlook - For the fiscal year 2026, revenue is expected to grow by 9% year-on-year, with a slight expansion in gross margin to 25.9%, driven by continued store expansion and customer acquisition [1]
招银国际：升途虎-W(09690)目标价至23港元 维持“买入”评级