Core Viewpoint - Tuhu-W (09690) reported stable profitability in the first half of the year, with store count increasing by 14% year-on-year and revenue rising by 11%, meeting expectations [1] Financial Performance - Gross margin stood at 25.2%, while net profit increased by 8% to 307 million RMB, and adjusted net profit rose by 15%, exceeding the bank's forecast by 11% [1] - The target price was raised from 21.5 HKD to 23 HKD, based on a projected adjusted P/E ratio of 20 times for the next year [1] Market Outlook - The company is expected to continue gaining market share due to its strong management capabilities, alleviating investor concerns regarding short-term industry volatility [1] - For the fiscal year 2026, revenue is anticipated to grow by 9% year-on-year, with a slight expansion in gross margin to 25.9% due to ongoing store expansion and customer acquisition [1]
招银国际：升途虎-W目标价至23港元 维持“买入”评级