汽车之家~S：在市场挑战中实现新能源战略增长

Investment Rating - The report maintains a "Buy" rating for Autohome-S (02518 HK) and raises the target price to HK$53.60, equivalent to a 14.0x P/E ratio for 2024 [1][2]. Core Insights - Autohome-S achieved total revenue of RMB 3.48 billion in the first half of 2024, representing a year-on-year growth of 3.4%. Online marketing and other businesses maintained double-digit growth, accounting for 33.7% of total revenue. Adjusted net profit for the same period was RMB 1.05 billion, with a net profit margin of 31.3% [1][2]. - The report anticipates earnings per share (EPS) for 2024-2026 to be RMB 3.44, RMB 3.75, and RMB 3.92, respectively [1][2]. - Revenue forecasts for the media services segment have been reduced by 13.7%, 15.4%, and 15.5% for 2024-2026, while revenue forecasts for lead services have been increased by 1% for the same period. Overall revenue forecasts have been adjusted downwards by 2.3%, 2.7%, and 2.6% for 2024-2026 [1][2]. Financial Performance Summary - Total revenue for 2022 was RMB 6.94 billion, with a net profit of RMB 1.86 billion and an EPS of RMB 3.62. For 2023, total revenue is projected at RMB 7.18 billion with a net profit of RMB 1.94 billion and an EPS of RMB 3.84. The forecast for 2024 is a total revenue of RMB 7.26 billion, a net profit of RMB 1.71 billion, and an EPS of RMB 3.44, reflecting a decrease of 10.4% in EPS [3][4][8]. - The report indicates that revenue from services related to new energy vehicles has increased from less than 5% in 2021 to approximately 30% in Q2 2024, highlighting rapid market penetration and strong commercial partnerships with leading brands [1][2].