Investment Rating - The investment rating for the company is "Buy" [13]. Core Views - The company has achieved revenue growth of 8.5% year-on-year in 2024, reaching 14.759 billion, with tire and chassis parts revenue increasing by 10.4% and automotive maintenance revenue by 9.9% [5]. - The company has a strong cash reserve of over 7.5 billion, supporting further expansion and strategic investments [5]. - The number of registered users reached nearly 140 million, a 20.4% increase year-on-year, with transaction users growing by 24.8% [6]. - The company expanded its workshop stores to 6,874, netting an increase of 965 stores, achieving nearly 50% coverage in counties with over 20,000 passenger vehicles [7]. - Revenue is expected to grow by 11% in 2025, with projected revenues of 16.386 billion, 17.987 billion, and 19.623 billion for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Overview - Latest closing price is 17.94 HKD, with a total market capitalization of 14.7 billion HKD and a PE ratio of 28.1 [4]. Financial Performance - In 2024, the company achieved a gross profit of 3.7 billion, with a gross margin of 25.4%, reflecting a 0.7 percentage point increase year-on-year [5]. - The adjusted net profit for 2024 was 600 million, a 29.7% increase year-on-year [5]. User Engagement - The average monthly active users reached 12 million, a 17.2% increase year-on-year, with a customer satisfaction rate exceeding 95% [6]. Market Expansion - The company is focusing on expanding its workshop stores and enhancing its brand recognition, which is expected to drive growth in a recovering consumer environment [8].
途虎-W：扩张份额+提升经营质量，途虎实现逆势增长-20250326