Golden financial news | Sealand Securities releases a preview of Tuhu's (09690) interim report. The bank expects the company's 2024H1 revenue to reach 7.15 billion yuan, a year-on-year increase of 9.6%, with an adjusted net profit of approximately 0.34 billion yuan and a net margin of approximately 4.7%. The bank believes that the proportion of the company's own brand revenue will continue to increase. In addition, the company's revenue scale is expected to continue to expand, giving it stronger upstream pricing power, which will jointly drive up the gross margin. With the increase in the number of company stores, inspection efficiency has been effectively improved, and the effect of store management efficiency improvement is significant. The company's various fees are expected to be improved.
Due to the flat performance of the auto aftermarket, the bank has adjusted the company's revenue for 2024-2026 to 14.725/16.486/18.623 billion yuan, a year-on-year increase of 8.26%/11.96%/12.96%, with adjusted net income of 0.796/1.234/1.652 billion yuan respectively, a year-on-year increase of 65.43%/55.0%/33.88%. The corresponding EPS are 0.98/1.52/2.04, and the corresponding PE are 14.69/9.48/7.08X. The bank expects that the company will maintain a steady pace of store openings since 2024, and the net margin will continue to improve, with a good development momentum. The bank maintains a "buy" rating.