汽车街：IPO申购指南

Investment Rating - The report suggests a cautious subscription for the company, Automotive Street (2443.HK) [1] Core Viewpoints - Automotive Street is the largest used car trading service provider in China, with a market share of 12.6% in 2022, and it facilitated the trading of approximately 160,000 used cars in that year [1] - The company has shown growth in transaction volume, with approximately 176,000 used cars traded through its platform in 2023 [1] - The total transaction value of used cars on the platform was 13.72 billion CNY in 2021, 6.747 billion CNY in 2022, and 7.398 billion CNY in 2023, indicating a recovery in 2023 [1] - The average revenue per vehicle in the auction business increased from 1,280 CNY in 2021 to 1,636 CNY in 2023, with a compound annual growth rate of 13.1% [1] - The gross profit margins from 2021 to 2023 were 62.8%, 60.9%, and 63.5% respectively, showing stable profitability [1] - The company's revenue from 2021 to 2023 was 678 million CNY, 468 million CNY, and 492 million CNY respectively, with annual profits of 165 million CNY, 68.98 million CNY, and 9.269 million CNY [1] - After listing, the company's market capitalization is estimated to be around 8.9 billion HKD, with a price-to-sales ratio of approximately 16 times based on the 2023 PS, indicating a high valuation [1] Summary by Sections IPO Details - The IPO price range is set at 10.2 to 11.2 HKD, with a total fundraising amount of 160 million HKD based on a median price of 10.7 HKD per share [1] - The total number of shares offered is 15 million, with 13.5 million shares allocated for international placement (90%) and 1.5 million shares for public offering (10%) [1] - The subscription period is from May 23, 2024, to May 28, 2024, with the listing date on May 31, 2024 [1] Financial Performance - The company has shown a recovery in transaction value and profitability in 2023 compared to 2022, with a notable increase in average revenue per vehicle [1] - The financial data indicates a consistent performance over the years, with a slight increase in revenue and profits from 2021 to 2023 [1]