Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to capture more market share at the industry bottom, although profit growth is anticipated to slow down [1] - Revenue for 2024 is projected to grow by 8.5% to 14.76 billion, with adjusted net profit expected to increase by 25.3% to 600 million [8] - The company is enhancing its pricing power and brand promotion in a weak demand environment, leading to an accelerated market share increase [8] Financial Forecasts - Revenue (in million) for the years 2022A to 2026E is projected as follows: - 2022A: 11,547 - 2023A: 13,601 - 2024E: 14,759 - 2025E: 16,245 - 2026E: 17,868 [1] - Adjusted net profit (in million) is forecasted as: - 2022A: (2,136) - 2023A: 6,703 - 2024E: 427 - 2025E: 622 - 2026E: 845 [1] - Non-IFRS net profit (in million) is expected to be: - 2022A: (552) - 2023A: 481 - 2024E: 603 - 2025E: 806 - 2026E: 1,021 [1] Market Data - The closing price is 15.48 HKD, with a market capitalization of approximately 11,622.33 million HKD [5] - The price-to-earnings (P/E) ratio for 2025 is projected at 15 times [8] Operational Insights - The company plans to open 1,000 new stores in 2024, with a total store count exceeding 6,800 by year-end [8] - The average store efficiency is expected to decline due to weak demand and market expansion [8]
途虎-W：24H2业绩前瞻：行业底部抢占更多份额，盈利节奏有所放缓