Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Insights - The company continues to enhance its profitability and solidify its position as the largest independent automotive service platform in China, achieving a revenue of 7.126 billion yuan in the first half of 2024, a year-on-year increase of 9.3%, and an adjusted net profit of 358 million yuan, a year-on-year increase of 67.3% [3] - The company has expanded its store network significantly, with a total of 6,311 stores nationwide as of the first half of 2024, reflecting a strategic focus on lower-tier cities where over 58% of new stores are located [4] - The gross profit margin for automotive products and services improved by 1 percentage point compared to the first half of 2023, with tire gross margin increasing by 1.5 percentage points to 17.5% and car wash and beauty services gross margin rising by 5.7 percentage points to 18.8% [4] Financial Summary and Valuation Metrics - For the fiscal years 2022 to 2026, the company is projected to have the following financial metrics: - Revenue (in million yuan): 11,547 (2022), 13,601 (2023), 14,698 (2024E), 15,850 (2025E), 16,946 (2026E) [5] - Net Profit (in million yuan): -2,136 (2022), 6,703 (2023), 511 (2024E), 810 (2025E), 1,036 (2026E) [5] - Gross Margin (%): 19.7 (2022), 24.7 (2023), 26.1 (2024E), 27.0 (2025E), 27.5 (2026E) [5] - EPS (in yuan): -2.61 (2022), 8.19 (2023), 0.62 (2024E), 0.99 (2025E), 1.26 (2026E) [5] - P/E Ratios: 25.9 (2024E), 16.3 (2025E), 12.8 (2026E) [5] Market Position and Strategy - The company has maintained its leading position in the automotive service sector, with a total of 21.4 million active users over the past 12 months, reflecting an 18.8% year-on-year growth [3] - The strategic focus on cost-effective products and services is expected to drive further improvements in gross margins, as consumer preferences shift towards higher value offerings [4]
途虎-W：港股公司信息更新报告：门店维持高速扩张，利润率稳步提升