Core Viewpoint - Company reported a total revenue of 7.88 billion yuan for 1H25, representing a year-on-year increase of 10.5%, which exceeded the consensus expectation of 7.80 billion yuan [1] - Non-IFRS net profit reached 410 million yuan, also surpassing the consensus expectation of 360 million yuan, with a non-IFRS net profit margin of 5.2%, up 0.2 percentage points year-on-year [1] Revenue and Profitability - Revenue from automotive products and services increased by 10.8% to 7.36 billion yuan, slightly better than the consensus expectation of 7.28 billion yuan [2] - The gross margin for the automotive service segment was 22.8%, down 0.9 percentage points year-on-year, primarily due to external trade demand fluctuations and industry supply pressures [2] - Overall gross margin for the company was 25.2%, a decrease of 0.7 percentage points year-on-year, reflecting slight declines in tire and maintenance segment margins [2] User Growth and Store Expansion - The number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, with registered users totaling 150 million, up 18.8% [3] - The number of factory stores reached 7,205, with a net increase of 894 stores year-on-year, achieving a 70% coverage rate in county-level cities with over 20,000 passenger vehicles [3] - The proportion of profitable factory stores remained at 90% as of June 2025, with same-store revenue growth of 2% for stores aged over 18 months [3] Operational Efficiency - The adjusted operating expense ratio improved slightly by 10 basis points to 22.4% due to operational leverage, despite some impact from investments in AI [4] - The company established 32 regional warehouses and 662 front warehouses, improving delivery rates by 6 percentage points year-on-year to 83% [4] - Adjusted fulfillment expense ratio improved by 0.5 percentage points year-on-year to 4.1% [4] Profit Forecast and Valuation - The company maintains a non-IFRS net profit forecast of 760 million yuan for 2025, with adjustments to 2026 and 2027 forecasts down to 840 million yuan and 1.08 billion yuan respectively [4] - The target price is set at 25.13 HKD, reflecting a premium to comparable companies due to the company's leading position in the industry [4]

证券研究报告 途虎-W (9690 HK) 港股通 收入利润好于预期，市占率持续巩固 2025 年 8 月 22 日│中国香港 互联网 途虎 1H25 总收入 78.8 亿元，同比+10.5%，好于 VA 一致预期的 78.0 亿元； 非 IFRS 净利润 4.1 亿元，好于 VA 一致预期的 3.6 亿元，对应非 IFRS 净 利率 5.2%，同比上升 0.2pp，主因费用率优化成效较好，部分被毛利率端 在较高基数下同比下降所抵消。在温和的消费环境下，汽服行业持续处于供 给出清状态，途虎凭借较为标准化的服务能力与持续拓宽的服务范围，不断 夯实用户心智并提升市场份额，规模效应的提升有望逐步在公司利润端孵化 成果，并对冲成本波动及价格竞争加剧带来的利润率波动风险。公司指引 2H25 收入增速有望延续 1H25 势头，毛利率环比 1H25 或持平。"买入"。 客单价降低及销售成本增加影响短期毛利率释放 公司 1H25 收入同增 10.5%至 78.8 亿元，其中汽车产品和服务收入同增 10.8%至 73.6 亿元，略好于 VA 一致预期的 72.8 亿，业务细项中轮胎/保养 收入分别为 32.9/29.1 亿元， ...