Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a significant year-on-year growth in performance for H1 2024, with total revenue reaching 7.1 billion yuan, an increase of 9.3% compared to the previous year. Adjusted net profit was 358 million yuan, up 67.3% year-on-year [3] - The expansion of the store network and the increase in product categories have driven revenue growth. The company optimized online promotion and expanded its workshop store network, reaching 6,311 stores nationwide, with 402 new stores added. This expansion increased the revenue from tires and chassis components from 5 billion yuan in H1 2023 to 5.6 billion yuan in H1 2024, a growth of 10.9% [3] - The company has also introduced more services such as car cleaning and beauty at its workshop stores, which, along with a membership card program, has contributed to increased revenue from other products, rising from 364 million yuan in H1 2023 to 380 million yuan in H1 2024, a growth of 4.3% [3] - The revenue structure optimization has led to a continuous increase in gross margin, which was 25.9% in H1 2024, up 1.7 percentage points year-on-year. This improvement is attributed to better terms from suppliers, increased contribution from proprietary and self-controlled products, and a reduction in low-margin electric vehicle sales [3] Financial Projections - The company is expected to achieve revenues of 14.64 billion yuan, 16.20 billion yuan, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 700 million yuan, 1.09 billion yuan, and 1.56 billion yuan for the same years. The corresponding price-to-earnings ratios (PE) are expected to be 19.13, 12.29, and 8.60 times [3][6]
途虎-Ｗ：24H1业绩同比高增长，门店网络持续扩张