Investment Rating - The investment rating for the company is "Buy" [2][8]. Core Views - The report indicates that while short-term profit margins are expected to fluctuate due to pricing strategy changes, the revenue growth outlook remains positive. The company is projected to achieve revenue growth slightly better than previously expected in the second half of 2024, driven by effective pricing strategies that boost order volume and market share. However, the adjustments in pricing are anticipated to lead to a slight decline in profit margins in the short term [2][7]. - The target price has been revised down from HKD 24 to HKD 18, reflecting a 16.9% potential upside from the current price of HKD 15.40, based on a 17x P/E ratio for 2025 [2][8]. Financial Forecast Adjustments - Revenue projections for 2024 and 2025 have been slightly adjusted, with a 17% and 32% downward revision in adjusted net profit for those years, respectively. The new revenue forecasts are RMB 14,763 million for 2024 and RMB 16,793 million for 2025, reflecting a 0.3% increase from previous estimates [6][11]. - The adjusted net profit for 2024 is expected to be RMB 611 million, with a net profit margin of 4.1%, and for 2025, it is projected to be RMB 783 million, with a net profit margin of 4.7% [6][11]. Revenue and Profitability Metrics - The company is expected to achieve a revenue of RMB 14,763 million in 2024, with a gross profit of RMB 3,717 million, resulting in a gross margin of 25.2%. For 2025, revenue is projected to increase to RMB 16,793 million, with a gross profit of RMB 4,296 million and a gross margin of 25.6% [6][11]. - The adjusted EBITDA for 2024 is forecasted at RMB 1,082 million, with an EBITDA margin of 6.4%, while for 2025, it is expected to reach RMB 1,558 million, with an EBITDA margin of 8.3% [6][11]. Market Performance - The stock has experienced a year-to-date decline of 14.44%, with a 52-week high of HKD 27.70 and a low of HKD 10.46. The average daily trading volume is 21.63 million shares [4][11].
途虎-W：短期利润率因价格策略改变而有所波动，收入加速增长预期不变