Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3][11] 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 as of the first half of 2024, an increase of 402 stores compared to the end of 2023, with over 58% of the new stores located in lower-tier cities [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 increasing by 5.7 percentage points to 18.8% [4] Financial Summary and Valuation Metrics - For the fiscal years 2022 to 2026, the projected revenue and net profit figures are as follows: - 2024E Revenue: 14.698 billion yuan, YOY growth of 8.1% - 2024E Net Profit: 511 million yuan, YOY decline of 92.4% - 2024E Gross Margin: 26.1% [5] - The earnings per share (EPS) for 2024 is projected to be 0.62 yuan, with a price-to-earnings (P/E) ratio of 25.9 times [5][6]
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