Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in its operating cycle, with customer satisfaction being a cornerstone of its service industry [1] - The company reported a revenue of 14.76 billion yuan in 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million yuan, up 29.7% year-on-year [5] - The company is focusing on standardized management of its stores, which has led to improved customer satisfaction metrics, including a 95.4% order satisfaction rate and a 62.3% repeat purchase rate [5] - The main business continues to grow, with tire and chassis parts revenue reaching 6.1 billion yuan, a 10.4% increase year-on-year, and automotive maintenance revenue at 5.4 billion yuan, up 9.9% year-on-year [5] - The company has adjusted its revenue forecast for 2025 to 16.72 billion yuan and for 2026 to 19.18 billion yuan, while the net profit forecast for 2025 is adjusted to 625 million yuan [5] Financial Data and Profit Forecast - Revenue (in million yuan): - 2023: 13,601 - 2024: 14,759 - 2025E: 16,720 - 2026E: 19,184 - 2027E: 21,821 - Year-on-year growth rates for revenue: - 2023: 18% - 2024: 9% - 2025E: 13% - 2026E: 15% - 2027E: 14% [2] - Net profit (in million yuan): - 2023: 6,703 - 2024: 484 - 2025E: 625 - 2026E: 947 - 2027E: 1,388 - Year-on-year growth rates for net profit: - 2023: 414% - 2024: -93% - 2025E: 29% - 2026E: 52% - 2027E: 46% [2] - Earnings per share (in yuan): - 2023: 20.80 - 2024: 0.60 - 2025E: 0.76 - 2026E: 1.16 - 2027E: 1.69 [2]
途虎-W（09690）：经营周期重回轨道，口碑是服务业的基石