Group 1 - The core viewpoint of the report maintains a "recommend" rating for Tuhu-W (09690), with adjusted net profit estimates for 2025-2027 at 8.09 billion, 9.92 billion, and 12.03 billion respectively, and a target price of 23.62 HKD [1] - The company achieved a revenue of 78.77 billion in the first half of 2025, representing a year-on-year growth of 10.5%, with a gross profit of 19.82 billion and a gross margin of 25.2% [1] - The revenue growth is attributed to the expansion of the store network and the contribution from high-growth businesses such as new energy and quick repair services, with core businesses like tires and automotive maintenance also showing approximately 11% year-on-year growth [1] Group 2 - The company's new energy service ecosystem is rapidly expanding, with platform users reaching 3.4 million, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [2] - The total number of stores has reached 7,205, covering 70% of counties with more than 20,000 passenger vehicles, indicating a strong presence in lower-tier markets [2] - User operations are being strengthened, with 26.5 million transaction users and a repurchase rate of 64%, showcasing significant ecological synergy [2] Group 3 - The company is enhancing efficiency through supply chain intelligence upgrades and AI technology, with automation warehouse efficiency in Guangzhou increasing by 2.5 times and the introduction of unmanned delivery vehicles [3] - The intelligent customer service system, based on the DeepSeek model, has improved pre-sale conversion rates by 2 percentage points while reducing labor costs by 18% [3] - The company is actively leveraging the "old-for-new" policy benefits, achieving a single-day sales record of over 1.5 billion during the 618 shopping festival [3]
华创证券：维持途虎-W“推荐”评级 目标价23.62港元