Investment Rating - The report assigns a "Buy" rating for the company, with a market price of HKD 18.32 [2]. Core Insights - The company is a leading player in the automotive aftermarket IAM sector, with a strong focus on market expansion and business structure optimization, leading to simultaneous growth in volume and profit [4][29]. - The automotive aftermarket is a trillion-yuan market with a fragmented structure that is gradually consolidating, providing opportunities for IAM players to increase their market share [4][18]. - The company is expected to achieve revenues of 15.88 billion, 18.73 billion, and 22.11 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 16.7%, 18.0%, and 18.02% [2][4]. Company Overview - The company has been deeply engaged in the automotive aftermarket for over 10 years, focusing on tire and chassis components, automotive maintenance, and other automotive parts and services [4][8]. - It has established an integrated online and offline business model, leveraging its brand, management, and financial strengths to create a competitive moat [4][29]. Industry Analysis - The automotive aftermarket is projected to grow at a CAGR of approximately 9% from 2023 to 2027, driven by increasing vehicle ownership and average vehicle age [18][19]. - The market has historically been dominated by dealers, but the share of independent third-party players (IAM) is expected to rise as traditional dealers face challenges [21][24]. Competitive Landscape - The IAM sector currently has a low concentration, with the top five players holding only about 3% of the market share, indicating significant room for growth and consolidation [26][28]. - The company is well-positioned to capture market share from traditional dealers due to its competitive pricing and rapid store expansion [24][26]. Financial Performance - The company has shown steady revenue growth, with a CAGR of approximately 18% from 2019 to 2023, and has recently turned profitable for the first time in 2023 [15][17]. - The gross margin has improved significantly, rising from 7% in 2019 to 25% in 2023, reflecting effective cost control and a shift towards higher-margin automotive maintenance services [17][29]. Growth Strategy - The company plans to expand its presence in second-tier cities and optimize its business structure to enhance profitability [4][15]. - Key growth drivers include increasing registered users and transaction conversion rates, supported by the expansion of online orders [4][14].
途虎-W：途虎系列深度：汽车后市场IAM龙头，市场开拓&业务结构优化促量利齐升