Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 17.98 [1]. Core Insights - The company is experiencing steady revenue growth driven by the expansion of its store and user base, with a reported revenue of HKD 7.1 billion for the first half of 2024, representing a year-on-year increase of 9.3% [3]. - The company has added 402 factory stores, bringing the total to 6,311, and has registered 126 million users, a 20.7% increase year-on-year [3]. - The adjusted net profit for the first half of 2024 is HKD 358 million, up 67.3% year-on-year, with a gross margin of 25.9%, reflecting an improvement due to the continuous enhancement of proprietary controlled products [3]. - The report anticipates revenue growth for 2024-2026 to be HKD 146 billion, HKD 160 billion, and HKD 179 billion, with corresponding year-on-year growth rates of 7%, 10%, and 12% respectively [4]. - The net profit projections for the same period are HKD 720 million, HKD 1.07 billion, and HKD 1.37 billion, with year-on-year growth rates of -89%, +49%, and +28% respectively [4]. - The company is expected to benefit from the optimization of the third-party market structure, which will enhance its performance stability and valuation [4]. Financial Summary - Revenue for 2022 was HKD 11.563 billion, with a projected increase to HKD 17.934 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [1]. - The net profit for 2022 was a loss of HKD 2.136 billion, expected to recover to HKD 1.37 billion by 2026 [1]. - Earnings per share (EPS) are projected to rise from a loss of HKD 2.63 in 2022 to HKD 1.69 by 2026 [1]. - The price-to-earnings (P/E) ratio is expected to improve from -6.2 in 2022 to 9.7 by 2026 [1].
途虎-W：格局出清+门店扩张促营收稳步增长，自有自控品类持续提升盈利能力