Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][3]. Core Views - The company achieved a revenue of 7.88 billion yuan in the first half of 2025, representing a year-on-year growth of 10.5%, and an adjusted net profit of 410 million yuan, up 14.6% year-on-year, indicating robust revenue growth and profit exceeding expectations [2][6]. - The long-term profit growth potential is viewed positively due to the company's solid market competitiveness and ongoing expansion of its store network [2][6]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 13.601 billion yuan - 2024: 14.759 billion yuan (growth of 8.5%) - 2025E: 16.364 billion yuan (growth of 10.9%) - 2026E: 17.737 billion yuan (growth of 8.4%) - 2027E: 19.106 billion yuan (growth of 7.7%) [3][8]. - Adjusted net profit estimates are: - 2023: 481 million yuan - 2024: 624 million yuan (growth of 29.7%) - 2025E: 786 million yuan (growth of 25.9%) - 2026E: 899 million yuan (growth of 14.4%) - 2027E: 1.051 billion yuan (growth of 16.9%) [3][8]. - The company’s earnings per share (Non-GAAP) are projected to be: - 2023: 0.59 yuan - 2024: 0.76 yuan - 2025E: 0.96 yuan - 2026E: 1.10 yuan - 2027E: 1.28 yuan [3][9]. Market Position and Expansion - As of the first half of 2025, the company has expanded its store network to 7,205 locations, a net increase of 894 stores year-on-year, with a coverage rate of 70% in counties with over 20,000 passenger vehicles [6][8]. - The company has seen a 23.8% year-on-year increase in transaction users on its app, reaching 26.5 million, with an average monthly active user count of 13.5 million, up 17.5% year-on-year [6][8]. Valuation - The target valuation for the company is set at 26.3 HKD per share, with the current stock price at 20.74 HKD [3][4].
途虎-W（09690）：25Q2财报点评：收入稳步增长利润超预期，看好长期盈利增长潜力