途虎：系列深度报告之二：汽后行业beta为矛，公司管理能力为盾

Investment Rating - The report maintains a "Buy" rating for the company, Tuhu [2] Core Insights - The Chinese automotive aftermarket is expected to experience steady growth due to a low average vehicle age and high ownership rates, despite short-term pressures from public transport competition and extended maintenance cycles [2][13] - Tuhu's business model is characterized by a steady accumulation of scale and reputation rather than explosive growth, leveraging both online traffic and offline store expansion to drive growth in high-tier cities [2][14] - The company's core advantages lie in its deep understanding of the automotive aftermarket, a focus on sustainable business practices, and stringent management standards [2][16] Summary by Sections Automotive Aftermarket Space - The automotive aftermarket in China is a highly certain growth sector, with market share shifting towards IAM and O2O service providers [2][13] - Short-term growth may face challenges, but the overall growth trend remains intact [2][13] Business Model - The automotive aftermarket is characterized by fragmented demand and a high proportion of repeat customers, leading to gradual growth [2][14] - High-tier cities can leverage internet traffic and offline store density for growth, while lower-tier cities benefit from brand and standardization advantages [2][14] Tuhu's Advantages - Tuhu's understanding of the market allows it to capitalize on its first-mover advantage, enhancing its influence in scale, customer base, brand, and supply chain [2][16] - The company aims to create value for society while navigating the competitive landscape of the localized automotive repair industry [2][16] Financial Projections - Tuhu is expected to achieve net profits of 480 million, 890 million, and 1.26 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 25.06, 13.47, and 9.55 [2][6] - The company anticipates a revenue growth rate of 9-10% for the first half of 2024, with a focus on maintaining operational efficiency [36][40] Market Expansion - Tuhu plans to open 1,000 new stores in 2024, with a significant portion located in lower-tier cities [36][39] - The company is enhancing its supply chain efficiency and brand presence through a franchise model that alleviates inventory risks for franchisees [28][40] Revenue and Profitability - The report highlights Tuhu's strategy of increasing its proprietary and exclusive brand offerings, which are expected to improve profit margins [40][42] - The company has a strong supplier network, with over 4,500 suppliers, allowing it to negotiate better terms and reduce costs [40][42]