Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company's revenue for H1 2024 is expected to be 7.15 billion yuan, representing a year-on-year growth of 9.6%, with an adjusted net profit of approximately 340 million yuan and a net profit margin of about 4.7% [1] - Despite a sluggish automotive aftermarket, the company continues to expand its store network, with an expected addition of around 1,000 new stores in 2024, bringing the total to over 6,000 stores as of May 2024 [1] - The company is projected to see improvements in gross margin and a decrease in expense ratios from 2024 to 2026, driven by an increase in self-owned brand revenue and enhanced bargaining power with suppliers [1][4] Financial Forecasts - Revenue projections for 2024-2026 are adjusted to 14.725 billion yuan, 16.486 billion yuan, and 18.623 billion yuan, reflecting year-on-year growth rates of 8.26%, 11.96%, and 12.96% respectively [1][4] - Adjusted net profit forecasts for the same period are 796 million yuan, 1.234 billion yuan, and 1.652 billion yuan, with year-on-year growth rates of 65.43%, 55.0%, and 33.88% respectively [1][4] - Earnings per share (EPS) are expected to be 0.98 yuan, 1.52 yuan, and 2.04 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 14.69, 9.48, and 7.08 [1][4]
途虎-W：2024年中报业绩前瞻：盈利能力稳步提升，市占率提升可期