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途虎持续提升汽车后市场品牌影响力
Zhong Guo Zheng Quan Bao· 2025-08-28 20:17
Core Insights - The automotive aftermarket is characterized by a lack of transparency and trust, leading to significant challenges for consumers when choosing service providers [1][2] - Tuhu has established itself as a leader in the industry by focusing on supply chain, technology, and service, creating a high-quality development loop centered on efficiency and trust [1][4] Market Dynamics - As of June 2025, the total number of motor vehicles in China is projected to reach 460 million, with 359 million being cars, driving increased demand for maintenance and repair services [1] - The market share of independent aftermarket (IAM) is expected to surpass that of 4S stores by 2027, indicating a shift in consumer preferences towards efficiency, transparency, and cost-effectiveness [2] Company Performance - Tuhu has over 150 million registered users and 26.5 million annual transaction users, reflecting a year-on-year growth of 23.8% [2] - The number of Tuhu service centers has reached 7,205, covering 320 cities and 1,855 counties, showcasing the company's expanding footprint [2] Technological Advancements - Tuhu has developed a digital supply chain system that includes real-time predictive algorithms, managing a database of 9.5 million SKUs across seven categories [3][4] - The company has achieved a same-day and next-day delivery rate of 83%, with fulfillment costs decreasing to 4.1% [4] Service Enhancement - Tuhu is enhancing service quality by providing systematic training and support for franchisees and technicians, improving user experience and brand recognition [5] - The company has initiated a "10 billion subsidy, 10,000 stores" plan to lower operational barriers for new stores, thereby increasing their competitiveness [5]
告别修车博弈 途虎持续提升汽车后市场品牌影响力
Zhong Guo Zheng Quan Bao· 2025-08-28 20:16
Core Insights - The automotive aftermarket is characterized by a lack of trust and high information asymmetry, leading to significant price discrepancies and concerns over parts quality [1][2] - Tuhu has established a high-quality development loop focused on efficiency and trust, addressing the industry's challenges through supply chain, technology, and service improvements [1][4] Market Dynamics - As of June 2025, the total number of motor vehicles in China is projected to reach 460 million, with 359 million being cars, driving increased demand for maintenance and repair services [2] - The market share of independent aftermarket (IAM) is expected to surpass that of 4S stores by 2027, indicating a shift in consumer preferences towards efficiency, transparency, and cost-effectiveness [3] Company Performance - Tuhu has achieved a registered user base of over 150 million and an annual transaction user count of 26.5 million, reflecting a year-on-year growth of 23.8% [3] - The number of Tuhu's service centers has reached 7,205, covering 320 cities and 1,855 counties, showcasing its extensive market presence [3] Technological Advancements - Tuhu has restructured the supply chain through digitalization, creating a closed-loop system that includes inventory, transportation, order, and store management [4] - The company has developed a database covering 9.5 million SKUs, significantly enhancing its inventory management capabilities [4] New Energy Vehicle (NEV) Strategy - Tuhu's user base for NEVs has exceeded 3.4 million, marking an 83.5% year-on-year increase, with NEV users accounting for over 12% of total transactions [5] - The company has launched specialized repair projects in 54 cities, resulting in a more than 200% increase in related orders [5] Service Quality Enhancement - Tuhu is focused on improving service quality by enhancing the professional skills of franchisees and technicians, which in turn boosts user experience and brand recognition [6] - The company has initiated a 1 billion yuan subsidy program to lower operational barriers for new stores, aiming to increase their survival rate and competitiveness [6] Ecosystem Integration - Tuhu is integrating the fragmented automotive aftermarket into a cohesive, efficient, and transparent service ecosystem, leveraging its robust infrastructure and technological capabilities [7]
途虎-W(09690.HK):1H25盈利修复表现亮眼 拓品类强化增长韧性
Ge Long Hui· 2025-08-23 11:13
Core Viewpoint - The company reported a solid performance in the first half of 2025, with revenue and adjusted net profit growth aligning with expectations, driven by store expansion and service diversification [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 7.88 billion yuan, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 307 million yuan [1]. - Adjusted net profit reached 410 million yuan, reflecting a year-on-year growth of 14.6%, with an adjusted net profit margin of 7%, marking a new high for the half-year [2]. - The gross profit margin for the first half of 2025 was 25.2%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 0.3 percentage points [2]. Group 2: Business Development - The company’s revenue growth was primarily driven by the expansion of its store network and the diversification of service categories, with a net increase of 1,205 stores, totaling 7,205 stores, a year-on-year increase of 14.2% [1]. - Revenue from fast repair services saw significant growth, exceeding 60% year-on-year, with a penetration rate of over 10% among transaction users [1]. - The company is focusing on enhancing its supply chain and developing a collaborative ecosystem for new energy services, with the number of platform users for new energy vehicles reaching 3.4 million, a year-on-year increase of 83.5% [2]. Group 3: Strategic Initiatives - The company is implementing a dual-track strategy to enhance its product matrix, focusing on both domestic brands and international brands [2]. - The proportion of self-controlled products in the deep beauty category has surpassed 70%, indicating a strong emphasis on proprietary product development [2]. - The company is proactively launching differentiated products such as hybrid-specific engine oil and new energy-specific tires, positioning itself in high-value service markets [2]. Group 4: Valuation and Outlook - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to price-to-earnings ratios of 22.0 times and 16.4 times for 2025 and 2026, respectively [3]. - The target price has been raised by 12% to 23.74 HKD, reflecting an upside potential of 24.6% compared to the current stock price [3].