Investment Rating - The investment rating for the company is "Buy" and is maintained [1][7]. Core Views - The company has shown resilience against the consumer environment, with a revenue of 7.126 billion and a year-on-year growth of 9.3% for the first half of 2024. The adjusted net profit reached 358 million, reflecting a significant year-on-year increase of 67.3% [4][7]. - The company is focusing on long-term growth by controlling the pace of store expansion and enhancing operational efficiency through a diversified service offering [5][6]. - The company has achieved a user repurchase rate of 61.1%, indicating strong customer satisfaction and loyalty [5][7]. Financial Performance - For the first half of 2024, the company achieved a gross margin of 25.9%, up 1.7 percentage points year-on-year, driven by scale effects and improvements in product and business structure [4][7]. - The company expects revenues of 14.787 billion, 16.846 billion, and 18.917 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 543 million, 997 million, and 1.449 billion [8][9]. - The projected earnings per share (EPS) for the years 2024, 2025, and 2026 are 0.67, 1.23, and 1.78 respectively, with price-to-earnings (P/E) ratios of 24, 13, and 9 [8][9]. Business Strategy - The company is expanding its service categories and enhancing operational capabilities based on a high repurchase rate, which is expected to drive steady revenue growth [7]. - The company has increased its store count to 6,311, with a net addition of 402 stores in the first half of 2024, reflecting a commitment to improving service quality and customer experience [5][6]. - The company has launched high-cost performance tire products in collaboration with manufacturers, achieving sales of over 1.5 million self-controlled tires in the first half of 2024 [6].
途虎-Ｗ：立足长远把控扩店节奏，拓宽品类提升运营效益