Investment Rating - The investment rating for the company is "Buy" [7][10]. Core Views - The company is expected to achieve steady revenue growth with projected revenues of 14.86 billion, 16.25 billion, and 17.83 billion CNY for 2024, 2025, and 2026, respectively, corresponding to growth rates of 9.3%, 9.4%, and 9.7% [10][11]. - Adjusted net profits are forecasted to be 768 million, 1.18 billion, and 1.62 billion CNY for the same years, with growth rates of 59.6%, 53.8%, and 37.1% [10][11]. - The adjusted EPS is projected to be 0.95, 1.45, and 1.99 CNY per share for 2024, 2025, and 2026, respectively [10][11]. - The adjusted PE ratios are expected to be 17.0x, 11.0x, and 8.0x for the years 2024 to 2026 [10][11]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 7.13 billion CNY, representing a year-on-year increase of 9.3%, and an adjusted net profit of 360 million CNY, up 67.3% year-on-year [10][11]. - The number of transaction users reached 21.4 million, an increase of 18.8% year-on-year, and the total number of Tuhu workshop stores grew to 6,311, with 402 new stores added since the end of 2023 [10][11]. Revenue Breakdown - Revenue from tires and chassis components, automotive maintenance, and other automotive products and services showed year-on-year growth rates of 11.0%, 10.7%, and 4.3%, respectively [10][11]. - The growth in the automotive maintenance segment was slightly lower due to macroeconomic influences, while the automotive beauty business was a significant growth driver for other automotive products and services [10][11]. Profitability - The company achieved a comprehensive gross margin of 25.9% in H1 2024, an increase of 1.7 percentage points year-on-year [11]. - The gross margins for various segments were as follows: tires and chassis components (+1.5 percentage points), automotive maintenance (-0.6 percentage points), and other automotive products and services (+5.5 percentage points) [11]. - The adjusted net profit margin improved to 5.0%, up 1.7 percentage points year-on-year, due to enhanced internal management efficiency [11].
途虎-W：利润释放稳步兑现，未来成长空间可期