Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company reported a revenue of 14.8 billion yuan for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 624 million yuan, which is a 29.7% increase year-on-year [6][10] - The company added 965 new workshop stores in 2024, with over 90% of the stores being profitable for more than six months [6][10] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points, driven by upstream bargaining power and product structure optimization [10] Financial Analysis - In 2024, the company achieved a total revenue of 14.8 billion yuan, with automotive products and services contributing 13.8 billion yuan, a 9.1% increase year-on-year [8] - The revenue from advertising, franchising, and other services was 960 million yuan, showing a slight growth of 0.3% [8] - The company expects revenues for 2025 to reach approximately 16.4 billion yuan, with adjusted net profits projected at 760 million yuan [10][13] Market Performance - The company's stock closed at 18.16 HKD on March 24, with a 52-week price range of 13.84 to 29 HKD [2] - The company has shown a relative performance against the Hang Seng Index, with a 1-month absolute increase of 8.1% and a relative increase of 6.3% [4] Future Outlook - The company aims to maintain its pricing power while improving gross margins through scale advantages in 2025 [6][10] - The penetration rate of the fast repair business among users exceeded 10% in 2024, with certain product categories experiencing over 50% growth [7][10]
途虎-W（09690）：公司季报点评：24年经调净利+30%，工场店净增965家，看好份额进一步提升