Investment Rating - The investment rating for the company is "Buy" and maintained [1] Core Insights - The automotive aftermarket is experiencing cautious consumer spending, leading to accelerated changes in the supply-side landscape. The cumulative output per vehicle in the automotive aftermarket is expected to decline by 1% year-on-year in 2024, with quarterly changes showing a mixed trend [4] - The company is expanding its workshop stores steadily, with a total of 6,311 stores as of the first half of 2024, an increase of 402 stores from the end of 2023. The company plans to open an additional 500-600 stores in the second half of 2024 [5] - The company's revenue is projected to grow by approximately 8% year-on-year in the second half of 2024, despite a decrease in single-store revenue due to pricing strategies [6] Company Overview - The latest closing price is HKD 15.480, with a total share capital of 819 million shares and a market capitalization of HKD 127 billion [3] - The company has a debt-to-asset ratio of 60.81% and a price-to-earnings ratio of 19.6 [3] - The largest shareholder is Imaginary Structure Investment (Hong Kong) Limited [3] Financial Projections - Revenue projections for 2024, 2025, and 2026 are HKD 147.89 billion, HKD 163.46 billion, and HKD 179.17 billion, respectively, with corresponding net profits of HKD 4.49 billion, HKD 7.09 billion, and HKD 10.46 billion [6][10] - The expected gross margin for the full year of 2024 is 25.1%, with a slight decrease in net profit margin anticipated in the second half of 2024 [6]
途虎-W：以价换量盈利水平承压，行业格局持续优化