Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company achieved a revenue of 14.8 billion yuan in 2024, representing a year-on-year increase of 8.5%, with an adjusted net profit of 624 million yuan, up 29.7% year-on-year [1]. - The company is focusing on market share growth and optimizing operational efficiency, with a significant increase in user engagement and store expansion [3][4]. - The company is actively enhancing its supply chain efficiency and supporting franchisees to improve operational performance [5]. Revenue and Profitability - In 2024, the company reported a gross profit of 3.7 billion yuan, a year-on-year increase of 11.5%, with a gross margin of 25.4%, up 0.7 percentage points [1]. - The adjusted net profit margin for 2024 was 4.2%, reflecting a year-on-year increase of 0.7 percentage points [1]. - For the second half of 2024, the company expects revenue of 7.6 billion yuan, with a slight decrease in adjusted net profit to 266 million yuan [1]. User and Store Growth - By the end of 2024, the total number of stores reached 6,874, with a net increase of 965 stores, marking a 16.3% year-on-year growth [3]. - The number of transaction users increased to 24.1 million, a year-on-year growth of 24.8%, while registered users reached 139 million, up 20.4% [3]. - The company has expanded its presence in key regions, including over 1,000 stores in Guangdong and coverage in major cities [3]. New Energy Vehicle Strategy - The company is accelerating its penetration into the new energy vehicle market, with transaction users for new energy vehicles reaching 2.7 million, a 105% year-on-year increase [4]. - The sales of hybrid engine oil increased by over 270% year-on-year, and the company has established connections with 70,000 charging stations across more than 340 cities [4]. Operational Efficiency - The total operating expenses as a percentage of revenue decreased to 23.6%, down 0.7 percentage points year-on-year [2]. - The company has implemented a support program for franchisees, investing nearly 100 million yuan in 2024 to enhance profitability and operational efficiency [5]. - The company has increased its warehouse density and optimized inventory models, leading to a reduction in fulfillment costs [5].
途虎-W：24年经调净利+30%，公司策略锚定份额增长-20250321