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途虎-W(9690.HK)：收入稳步增长利润超预期 看好长期盈利增长潜力
Ge Long Hui·2025-08-26 19:16

Core Viewpoint - Tuhu Car Service reported a revenue of 7.88 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.5%, with adjusted net profit reaching 410 million yuan, up 14.6% year-on-year, indicating strong market competitiveness and profit growth potential, maintaining a "strong buy" investment rating [1] Revenue Performance - The company's revenue for H1 2025 was 7.88 billion yuan, with automotive products and services contributing 7.36 billion yuan, a year-on-year increase of 10.8% [1] - Revenue from tires, chassis components, and automotive repair segments grew by 10.8%, driven by enhanced online marketing and expansion of Tuhu's workshop network [1] - Revenue from other products and services increased by 16.1%, primarily due to higher contributions from car cleaning and beauty services [1] - Advertising, franchise, and other service revenues amounted to 515 million yuan, up 6.6% year-on-year [1] Store Network and User Growth - As of H1 2025, Tuhu's workshop count reached 7,205, a net increase of 894 stores, representing a 14% year-on-year growth [2] - The coverage rate in counties with over 20,000 passenger vehicles increased to 70%, up 5 percentage points year-on-year, with over 60% of new stores located in second-tier and lower cities [2] - The number of active users on the Tuhu app reached 26.5 million, a year-on-year increase of 23.8%, with average monthly active users at 13.5 million, up 17.5% [2] Profitability and Margin Analysis - The gross margin for H1 2025 was 25.2%, a decrease of 0.7 percentage points year-on-year, attributed to increased price sensitivity among consumers and external factors such as tariffs [3] - Adjusted net profit of 410 million yuan exceeded market expectations, reflecting a 14.6% year-on-year increase [3] - Long-term profit growth potential is supported by steady store expansion and operational efficiency improvements, with projected adjusted net profits of 786 million, 899 million, and 1.05 billion yuan for 2025-2027 [3]