Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 7.13 billion yuan in H1 2024, a year-on-year increase of 9.3%, which is in line with Bloomberg consensus expectations. Net profit reached 280 million yuan, a significant year-on-year increase of 378.0%, with a net profit margin of 4.0%, up 3.1 percentage points year-on-year. Adjusted net profit was 360 million yuan, up 67.3% year-on-year, exceeding Bloomberg consensus expectations [2][3] - The company continues to see accelerated growth in trading users and an increase in market share, with registered users reaching 126.40 million as of June 30, 2024, an increase of 11.10 million since the beginning of the year. The number of trading users in the past 12 months was 21.4 million, reflecting a year-on-year growth of 18.8% [3] - The company has effectively controlled costs and improved financial health, achieving a gross margin of 25.9% in H1 2024, an increase of 1.7 percentage points year-on-year, which is better than market expectations [4][8] Summary by Sections Financial Performance - Total revenue for 2022 was 11.563 billion yuan, with a year-on-year decrease of 1.42%. In 2023, revenue increased to 13.606 billion yuan, a growth of 17.67%. Forecasts for 2024, 2025, and 2026 are 14.667 billion yuan, 16.145 billion yuan, and 17.769 billion yuan respectively, with year-on-year growth rates of 7.80%, 10.07%, and 10.06% [2][9] - The company reported a net profit of 6.703 billion yuan in 2023, with a forecasted net profit of 577.40 million yuan in 2024, reflecting a significant decrease of 91.39%. However, the adjusted net profit is expected to recover to 1.044 billion yuan in 2025 and 1.601 billion yuan in 2026, with growth rates of 80.74% and 53.43% respectively [2][9] User Growth and Market Position - The company has expanded its store network, with 6,311 stores as of June 30, 2024, an increase of 402 stores since the beginning of the year. The demand for franchise applications has increased by 22% year-on-year, indicating strong franchise demand [3] - The company has also made significant strides in the new energy vehicle service sector, with service capabilities covering 73 cities and a user penetration rate of 8.4% as of June 30, 2024 [3] Cost Management and Operational Efficiency - The company has improved its operational efficiency, with a decrease in average rental costs per square meter by 6.7% year-on-year, while warehouse space increased by 5.9% [4][8] - The gross margin for the tire and chassis parts business has increased, driven by better supplier terms and a higher contribution from proprietary products, which typically have higher profit margins [4]
途虎-W：2024年中报点评：利润率好于预期，继续看好公司成长潜力