Investment Rating - Buy rating maintained for the company [1] Core Views - The company achieved revenue of 7.126 billion in 24H1, a year-on-year increase of 9.3%, with adjusted net profit of 358 million, up 67.3% year-on-year, and adjusted net profit margin of 5.0%, up 1.2 percentage points quarter-on-quarter [4] - The company's gross profit margin reached 25.9% in 24H1, up 1.7 percentage points year-on-year, benefiting from scale effects and product/business structure improvements [4] - The number of workshop stores reached 6,311 by 24H1, a net increase of 402 from the end of the previous year, with a user repurchase rate of 61.1% as of June 2024 [5] - The company expanded its service categories, with over 5,300 workshop stores nationwide equipped with car washing capabilities by June 2024 [6] - Revenue for 2024/25/26 is projected to be 14.787/16.846/18.917 billion, with net profit attributable to the parent company expected to be 543/997/1,449 million, corresponding to a PE ratio of 24/13/9 times [7] Business Performance - Revenue from tire and chassis parts/car maintenance/advertising, franchise, and other businesses increased by 11%/11%/4% respectively in 24H1, with gross profit margins for tire and chassis parts/advertising, franchise, and other businesses improving [4] - The company's proprietary and self-controlled products accounted for an increasing proportion of revenue in 24H1, driven by product strategies aligned with consumer trends [4] - The company sold over 1.5 million self-controlled tires produced by Double Star and Double Coin in 24H1, and its proprietary maintenance brand covered 30 categories, with 21 million products sold by June 2024 [6] Financial Projections - Revenue growth rates for 2024/25/26 are projected at 9%/14%/12%, with net profit growth rates of -92%/83%/45% [8] - Gross profit margins are expected to be 25.75%/27.07%/28.27% for 2024/25/26, with net profit margins of 3.68%/5.92%/7.66% [9] - ROE is projected to be 10.84%/16.57%/19.39% for 2024/25/26, with ROIC at 8.20%/13.95%/16.38% [9] Operational Metrics - The company's asset-liability ratio is expected to decrease from 60.52% in 2024 to 57.05% in 2026 [9] - The current ratio is projected to improve from 1.32 in 2024 to 1.53 in 2026, with the quick ratio increasing from 0.78 to 1.01 over the same period [9] - Total asset turnover is expected to remain stable at around 1.2-1.3 times from 2024 to 2026 [9]
途虎-W：立足长远把控扩店节奏，拓宽品类提升运营效益