Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite market pressures [5][6]. Core Insights - The company reported a revenue of 7.1 billion HKD for the first half of 2024, a year-on-year increase of 9.3%, and an adjusted net profit of 358 million HKD, up 67.3% year-on-year [5]. - The gross profit margin improved to 25.9%, reflecting a 1.7 percentage point increase year-on-year, indicating stable revenue and profitability [5]. - The company opened 402 new stores in the first half of 2024, bringing the total to 6,631 stores, with 58.2% located in lower-tier markets [5]. - The platform has accumulated 126 million registered users, with 11.5 million monthly active users, a 15.8% increase year-on-year [5]. - The company is focusing on enhancing service quality and user experience, which has led to a 40% reduction in complaints related to excessive sales practices [5]. Financial Summary - The company forecasts total revenue for 2024 to be 14.67 billion HKD, with a projected net profit of 570 million HKD, corresponding to a PE ratio of 22 [6][7]. - Revenue growth rates are expected to be 7.8% in 2024, 10.5% in 2025, and 11.1% in 2026 [7]. - The net profit is projected to increase significantly, with estimates of 1.008 billion HKD in 2025 and 1.434 billion HKD in 2026, reflecting a strong recovery from previous losses [7].
途虎-W：在困境中坚持构筑壁垒是长期主义的基础